Would an original Abloy padlock and [toughened] chain make a good bike lock? Why are bike locks so fancy, so specialised?

Would a small padlock, e.g. original Abloy make a good bike lock when connected to a chain?

http://simple.wikipedia.org/wiki/Abloy (first image)

Are there some common attacks that this combination protects particularly poorly from?

Chain may have to be of toughened (motorcycle) variety.

P.S.

Video from Germany testing similar concept with a much heavier lock:
10 seconds with boltcutters- either on the chain or on the padlock, and the thief will have stolen your bike. There are reasons why bike locks are designed the way they are- to stop/prevent this from happening.