I can't speak to the actual security, but I know that it requires a contact card inside the slot to actually program the lock. That's not something you can likely build for a couple bucks in parts at Radioshack, so at least the barrier to entry is higher.
At least, higher. If you were in the business of robbing hotel rooms, I'm sure a onetime fee wouldn't be much of a barrier. Keep the small-time thieves at bay though.
Ving may have security flaws but I'm assuming it will be a bit more expensive to exploit.