So did you look at any of the reviews on the card or are you just choosing to doubt? Sure there are flaws involved, the data not being read depends on your using the crypto feature of setting up an encrypted area on the drive and using the decrypt built into the card. If you were really data paranoid you could run some geeked up nix port that you had running your own crypto algorithms where everything you typed was encoded.
This card is supposed to interact with the bios causing the shutdown/no restart per their site and if the card is removed improperly it will itself start making noise and the system will on next start up ask for the card to be reinserted.
Car alarms are easy for professional thieves to get around as well. Same with building alarms and the like, but they do help to deter the casual thief. Would you like to deal with a system that you'd tried to quietly pick up and have it blaring a 110db alarm?
Alarms in stores aren't there to quietly deter people from walking out the front door, they draw attention to that area. The casual thief wouldn't like the attention it draws and that's something.
Could a person that knows something about computers get by one of these? Absolutely, especially if I wasn't trying to get the data. I bet the CEO if Qualcomm wishes he'd had something on his system when he left it in that boardroom and it "walked". Imagine the trade secrets he gave up that day. Why aren't there more laptop security options out there?
Here's an idea in the works: PCWorld Article - Intel,VeriSign Unite to Boost Laptop Security
At least I'm throwing out ideas based on technology that currently exists. Heck I'd booby trapped my locker at school those many years ago so I can think nasty when needed. But we all know that truly defensive measures that harm others are against the law at least here in the US. It would be nice to be able to shock the hell out of the potential thief but it isn't going to happen (legally).
My personal first line of protection would be to not take it where there are potentially lots of scumbags wanting to steal it. After that I start thinking of physical security (cable/lock) and determent (noise/encryption).