On closer inspection, the cable in use is so flimsy I could probably bite through it, and the padlock is easily breakable.
Therefore, a thief might:
1) Bite the cable or bash the lock (preference), and then reassemble the bike in a few seconds.
2) Steal just the back wheel.
3) Bend the front wheel into a shape that pops through the frame and have a bike missing only a front wheel and seat post.
I'd never have noticed if the bicycle were locked without the effort at "extra safety."
Still paranoid after all these years.