I have used them for years with my homebrews and never realized that part was plastic.
The only problems i have had was sometimes in very cold weather the lock will not "bite" into the cable and it can be worked through pretty easily.
Couple weeks ago i was checking a camera a long ways from the truck. I forgot my keys and just HAD to see the pictures. I have a few extra pythons so i decided to try to cut it with my pruning shears. Long story short, i cut through it in about 10 minutes. Shears handle broke and my hand was cramped up, but it did go through. I would think a pair of bolt cutters would slice right through.
Long story short, if someone wants it bad enough, they will get it, whether they cut down the tree to get it or not. Just keeps the honest people honest.
Regardless, i still do like them. They are about the best type of cable lock out there. Even have a few locking my treestands up.