You can still get the classic "Nuclear Power - No Thanks!" stickers from WISE in the Netherlands - http://www10.antenna.nl/wise/

It's not as if this idea isn't already known ; William Gibson used this idea in "Virtual Light", where Chevette Washington uses a combination of aluminmium duct tape and rust coloured paint to discourage interest in her next-generation aramyd wrap bicycle... of course, she also has the high voltage active deterrent alarm to back it up.

Yes, this is very similar to the idea of the Chameleon XLE.

http://snltranscripts.jt.org/92/92fchameleon.phtml

In some places, nothing deters thieves. In such places, you simply need to have some insurance. When I lived in one of the outlying suburbs of Helsinki (Finland), I had my bike stolen twice, plus there were two other failed attempts. One failed attempt was for an old, crappy bike - in their efforts to unlock the bike chain, they totalled the rear wheel. In the second failed attempt, the bike was in the locked storage shed of my apartment and was chained to a metal post with a thick tough bike lock. During the night they sawed through part of the post structure in order to get a good angle to saw into the lock. Obviously someone interrupted their work because there was only a tiny bit of metal left to saw to get the lock off. Get insurance if you live in an area prone to theft.

True on insurance. When my Kryptonite-locked bike got stolen from the locked storage room in my locked apartment building in the fall, my renter's insurance paid me back, even for my accessories and the lock itself. I bought the newer version of the same bike within the week. I suppose I would have been in back luck if I were actually going somewhere important and found myself without my wheels though, and it certainly didn't prevent theft. But it's a nice back-up to keep you riding;)