I'm going on a long trip soon to Fiji, New Zealand and Australia and I've been paranoid about my stuff getting stolen out of a hotel room or rental car. So I got this Pacsafe brand "TravelSafe 100" for about $40. It holds my wallet, compact Canon camera, two passports, battery charger and more. It's pretty sweet and should be a good job of discouraging casual/petty/opportunistic theft.
Very cool. Since they can't cut through the cable, they might try cutting into the bag. How tough is it?