How do u protect your bike?

I got the idea for this thread from the "bike cover" thread...

I'm personnaly looking into buying a bike cover for my 02 R1 comming soon... but the main reason for it is to protect it against theives, not birds. Since i live in an appartment building with no interior parking my options are:
1- Park it in the street with a disk lock and a bike cover(not secure enough in my mind).
2- Park it at the back of the building attached to a telephone post with a Snake Lock, disk lock and under a bike cover. :machinegu

Eventually i was thinking of buying the Scorpio alarm system with pager notification to get ultimate protection but it's really expensive. Any one has such a system? Do you recommend it?

I think a good lock and a bike cover are more efficient in protecting your valuable baby and cost a lot less than an alarm system... although less pratical.