There seem to be basically two types of locks:

Type 1: Locks whose key is a tangible object

Advantages:

  • You pretty much know whether or not another person has possession of your key. (Although, someone might steal your key, make a copy and then return the original.)
  • If you have a poor head for rote memorization, this is the type of lock for you.
Disadvantages:
  • If you forget ONCE to bring the key with you, you're screwed.

Type 2: Locks whose key is a piece of information

Advantages:

  • Memorize your key well, and you will never lose it.
  • You have less things to keep track of, as you never ask "where the hell are my keys?"
  • No one can steal your key (except if they trick or force it out of you).
  • Of the two types of lock, this type tends to be quicker and easier to operate.
Disadvantages: NOTE: Some people, having a Type 2 lock, write down the combination, turning it into a lock with most of the worst aspects of Type 1 AND Type 2 locks.