Having a decent bike is like having a decent car, there are always people around that like to take the shine off someone elses pleasure, why they do it, jealousy could be a reason, but I suppose there are others, especially those into selling things.
Anyway what is the point having a good bike if one is going to make it look crap, I mean crap in say repainting it or covering it in camoflage, why make it heavier, lousy to handle and all that, when the simple answer is just to protect your property.
My way is stickers, remove them, they don't last anyway and why should I advertise other people's products. No big names on my bike as I know those that tend to thieve have a thing about 'names', in clothing and other things, as if 'names' are the requirement not the article. But what I have on my bike, I know what it is, it was obtained for what it is, not the name in bears, it does the job required of it. The only stickers I do not remove, is the bike's own decals, because they are slowly removing themselves and who wants to nick a Saracen, especially since the mindset is still there about old Saracens and the derogatory term coined from the name, so perhaps even the Saracen name keeps people clear.
The other thing of course, is I keep the bike locked to something, seat keeper fitted, security skewers ,security hex screws holding the components on and I may do what I did with my old bike, engrave the bike frame number into the components, although soon, I will be getting the thing security etched and registered with the local plod.
But my bike is attractive, metallic black powder coat, raw aluminium alloy and red ano, I like it that way, it pleases me, but if I had to camoflage it to stop it drawing attention, then what is the point.