This won't stop a full flatbed-type attack, where they haul it away without using the TM wheels/tires at all. I can also imagine a dolly-based attack, although I've never SEEN a dolly for over-the-road use (I only know of of devices for inside garages and maintenance builidngs, on smooth floors.)
But I think it hits the sweet spot, at about $200 shipped, pretty easy to put on, MUCH stronger than the
snaps like a toothpick trailerkeeper.
But unfortunately, you will need to hacksaw both (a) the end which holds the wheel nut protector; and (b) the wheel nut protector itself.
(a) The end which holds the wheel nut protector plate (the outside end) must be cut down into a smaller "pointed" piece, so that it pokes into one of the traingle-shaped cutouts of your wheel. If you don't insert the HDWL into a specific part of the wheel, it's easy for a thief to attack by (1) raising the wheel off the ground; (2) removing the lug nuts one at a time by spinning the wheel underneath the "nut protector plate" and exposing the nuts; (3) using YOUR spare tire to drive it off. When you come back, there is your wheel sitting on the ground, with the HDWL still on it.
(b) The wheel nut protector should also be trimmed, so that the grease hub a the center of the axle doesn't force it to be left out too far from the wheel.
I spent about 10 minutes each with a hacksaw to do these jobs. (More cutting for the14" wheels, obviously. I've got 15".) When you put it on, your "pointed end" is in the wheel and underneath the lug nut plate, it can't be attacked. The nest way to attack this lock is to simply cut through the whole arm-- but because the square box is so large in size and shape, and the steel so thick, it would take me about 15 mins to do this with a hacksaw. (The orange box steel of the so-called "Trailerkeeper", in contrast, would take me about 3-5 minutes. It's both much smaller AND much thinner.)
Instead of creating a "point" in the end of the arm which points into the wheel from outside, you COULD maybe do a strong chain (soft core, hardened outside) through the HDWL and onto the inner axle. But that would be a hassle every time you put it on and take it off, my way makes mounting and removing the lock a 5 second job.
IF you've got the key
And BTW, the lock is surprisingly good, considering this relatively low total price.
http://www.equipmentlock.com/hdwl_home.asp