All anti-theft technology is subject to the "too many people need to have keys" problem. That is, there need to be a whole bunch of people who can override the system if it fails (e.g. any service department).
Pretty much.... There are some tuning softwares out there that get around the PATS system and the dealer computer/scanner (IDS) obviously gets into the system. I've never messed with the PATS area in the tuners but I know the IDS takes 10 minutes to access the PATS module. So its not a fast process. The thief would also still have to break out the ignition lock cylinder (or somehow close the ignition circuits). Ford's anti-theft system is better then nothing, but it could be better. For instance, Toyota's and Dodge's require codes that can only be obtained from the dealer to access the security module, even with the proper software.
I've installed/removed more after market alarms then I care to remember, without getting myself on a rant, I believe the best anti-theft is a hidden switch to the fuel pump/starter/ignition or any component that needs power to run the engine. After market alarms all do the same thing to inhibit the engine from starting, theres nothing creative or hidden about them.