A locked garage is best. Chaining it to an immoveable object, disc locks, alarms, etc., will really only stop the casual thief. Professionals will have two strong guys, a hydraulic bolt cutter, and a pick-up truck or van. They'll pop through the chain, lift the bike into the truck, and be gone within about 30 seconds.
You'd do better to lock one end of the chain to the bike and the other end to a hungry doberman.
If you're with buddies, you might consider using multiple chains to chain several bikes together.
LoJack is worth considering for recovery, especially if it gets you a break on your insurance.
Personally, I just depend on a locked garage and State Farm.
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