Sorry to be the devil's advocate today dweste but the smallest bear vault is over $200...that's just too much for most people. For me space is at a premium and I just can't afford a $225 dollar stool that also keeps bears away from my food.
If I were to go with a bear proof solution I'd likely get something like the Ursack (
http://www.ursack.com/ursack-S29.htm ). It's much cheaper, lighter, isn't bulky like a hard empty cannister, and seems to be effective from what I can tell.
In researching this I've read reports of Grizzlys figuring out the screws on the Bear Vault using their claws to uncrew them. I doubt they're confirmed but still good food for thought.
Bears are damn smart. But they also prefer the easy meal. All of this is just deterent. If your food is harder to get than walking to the river and scooping a salmon, your food is safe. If the bear decides that your food is worth the effort, it will eventually find a way unless it's locked up in a steel locker...but those have been gotten into too.