Stealing bikes is a crime of convenience though, so criminals will do whatever is easiest: pick the lock, cut the lock or destroy whatever the bike is locked to.
Ten years ago, Kryptonite made a bike lock that could be picked with a Bic pen. They've changed their design, but a lot of locks are still on the street that can be easily picked, and criminals know exactly which locks can and can't be picked. The benefit of picking a lock is that the act of picking a lock and using a key to open a lock can look very similar to people walking by.
Most criminals will do whatever is easiest, but if you've got a really nice bike, and you live in a city where bike theft is rampant, there's a non-zero chance you'll be the victim of a targeted attack.
I'd love a CAD drawing or a 3d animation of the internals.
But there are two points which suck: it takes about three to four times the time to open than a normal bike lock - and the key is not able to be attached to a keyring etc. and thus prone to fall down on the street or worse, into a water relief hole and no way to get it.
Yeah, the amount of faff means I just wouldn't use it - probably works out ok if it's the only lock you use but I have three (or four). Simplicity and time is of the essence.
The more likely problem with this one is that the key will get lost, since it cannot be attached to keyring and you have to take out of the pouch every time you use it.
Most bike locks are not broken by picking the lock, it is the chain or shackle where things are typically attacked.
Kryptonite claims with their New York Fahgettaboudit that there are deadbolts on each side, because typically - one cut of the shackle and you can spin the bulk of the lock out of the way. A lock manufacture basically confirming the shackle is the point of attack in a lot of cases.
