Hi Znook!
When I was spec'ing my Nomad, I asked Andy Blance about Pitlocks, and he mentioned he would be concerned about having mislaid the key when he needed his wheels out in a hurry.
Aside from Thorn's view, Pitlocks need to have the threads greased to aid in removal and prevent seizure, but it is very important to avoid getting grease inside the Rohloff or SON hub axles. Doing so will block the "breathing" vent that equalizes pressure in the hub with that of the outside atmosphere, and so void the hub warranty. The pressure-equalization hole prevents moisture being drawn past the bearing seals during rapid changes in temperature, say when wheeling a house-warmed bike outdoors into a cold rainstorm.
Pitlocks can be defeated by now-common means, at least here in the States. I won't say how and I discourage speculation, not wishing to aid thieves who don't already know. At present, I think Pitlock security depends on where one lives or travels and on how long and where the bike is left unattended.
I am currently investigating Atomic22 (
http://atomic22.com/ ) as an alternative. I'm looking at a pair of locking skewers and a security bolt for the Tout Terrain The Plug2+, which serves to secure the steerer/fork.
Atomic22s are expensive, but not as much as replacing either hub or the fork and front wheel.
There is still the matter of a key to keep track of, and that does concern me. When I get a flat it is usually at a bad time and in a bad place to fix it and I want the job over and done with as quickly as possible so I can be on my way again soonest. So...where do I keep the spare key(s)? My handlebar bag would be the logical place when touring -- I already have a clip there to keep my house key and the HB bag goes where I do when touring 'cos it has my ID/passport, credit cards, and cash. But what about day rides? Do I keep a spare key in my underseat tool bag? Okay, fine, but if I leave it on the bike when gone, it is an invitation to take both it and the key. Seems wise to carry at least one spare key if on a long tour. Things do get lost or misplaced on occasion and this would be a critical item when needed.
And, too there is the matter of a tool to turn the key. Pitlocks allow use of an allen key as a lever. I'm not sure about the Atomic 22s.
There is also the matter of torque and loosening of what is essentially a very long bolt. In my use, I found the hex-skewer on my SON28 dynohubs did not remain tight on rough roads and had to substitute a standard cam-over q/r.
The question of how effective a given theft deterrent will be depends on your proximity to a city and the local crime rate wrt bicycle theft and also on opportunity. If a thief has the time -- or the opportunity -- there are effective and immediate ways to invalidate nearly any deterrent. Sadly, my friends on the Continent tell me Rohloff theft from locked bikes is increasing. Despite use of a ring lock or U-lock, the thieves simply cut out all the spokes and make 'way with the hub. A locking skewer would definitely deter theft in this instance, even if it only made quick removal that much less convenient.
Best,
Dan.