When you think locks, you think Kryptonite. The pedicab company I manage only uses the New York Chains to lock our pedicabs. The reason? Well, when your bike costs around $4000, you want a lock that's going to keep your bike where you left it.
Now I know these chains are becoming pretty trendy- I see a ton of people riding with them around their waist with their tight pants... in my honest opinion, for everyday riding, they're over kill. Now, if you're locking up to odd shaped stuff in a really, really bad neighborhood and leaving your bike out all night then maybe.
The other thing about Kryptonite is that they have a super good insurance policy- they back up what they sell. I think for your average commuter, a good Kryptonite Ulock would be fine.
If you have quick release anything, take it off and put the ulock around it. But if you want to be one of the cool kids and wear a 15-pound chain around your waist, then by all means- this is the lock to do it! They're perfect for pedicabs- you just unlock, throw it under your seat, and you're good to go. Besides- what's a few more pounds when you taxi people around by bike for a living?