I have learned the hard way that most locks take very little to defeat. A screwdriver and pair of pliers will go right through most. I suspect that lock will slow somebody down by 30 seconds.

Update on the rack: decided to return the Yakima and got the Kuat. After two 100+ mile trips with the loaded with 4 bikes I'm quite happy with it. It has tool-less installation which the Yakima doesn't. It also has a clamp to prevent any wobble in the hitch. I also found it slightly easier to use than the Yakima, but they're pretty similar. Yakima folds up smaller and is maybe slightly heavier than the Kuat. Both nice racks. Kuat is better for me.

 

I used one of these racks for my bike my friend let me borrow and it was phenomenal. It steeps the bike up so if you are out offroading it has clearance and also carries fatbikes to road bikes.
1UPUSA.com :: Bicycle Racks

 

Not a snark at all, more like a chuckle. These LR hitches are notorious for problems. I'm working on something a bit slicker in the long run.