It's already been said but I'll repeat it. Any padlock is more or less just a crude deterrent, it stops people simply walking in, It requires someone to have determination some strong tools and an opportunity when no one's looking, which isnt much, but it does deter a lot of theft.

These measures are always minimum security, at least on their own. Never rely on them completely for anything of serious importance/value, no matter how much you spend on a lock.

That being said i think this is still a perfectly viable security measure for someone who has money and wants convenience. I'd be tempted to buy one if i had use of it. The back opening doesnt really bother me, no criminal who wants to get inside is likely to go that route, they would just cut it anyway.