Computer science students at UC San Diego have written a program that can duplicate keys from security camera photographs:
The team demonstrated the software at ACM's Conference on Communications and Computer Security 2008, where students showed off the technique up close and from afar. They took close-up shots of keys with a cell phone camera. Then, using a 5-inch telephoto lens, they stood on top of a building and took photos of keys sitting on a table 200 feet away. In both examples, they were able to capture sufficient data to create duplicate keys.
The fact of the matter is that if you are buying a cheap lock and expecting it to protect you adequately, you're wrong.
Just think about it. All a thief would have to do is take a photo of someones keys while they are not looking and they have instant access to that persons house or car...scary.