Well, all in all I like it. And when locked like on the picture, a thief WOULD have to cut the rim.
But there are a few flaws elsewhere.
First, this frame that goes on the wheel doesn't seem to be very strong.
Second, when it's hiddeb in the pavement, what holds me from parking a car on it?
And third, I'd like to see the author looking for the rack under the snow...