Tobias has done multiple lectures at DefCon, the videos and / or notes of which are legally available online.

http://www.defcon.org/html/links/dc-archives/dc-15-archive.html

Look for:

"High Insecurity Locks Lies and Liabilities" - some mention of Medeco

The original link I had bookmarked is 404'd, so searching in / around the site for the following will be fruitful (also by Tobias), not to mention the intelligent use of Google.

"Open in 30 Seconds Cracking one of the Most Secure Locks in America" - all about Medeco

"Opening Locks by Bumping in Five Seconds or Less Is it Really a Threat to Physical Security" - some mention of Medeco

"Physical Security Bypass Techniques" - don't remember if it mentions Medeco or not, but it is a discussion of bypass by one of the best in world.

There's more good stuff in the DefCon archives by other speakers.

But as most have already replied above, basically all security can be gotten through - just a question of resources. The general point is to be a more difficult target than your neighbor...and if somebody's bypassing a properly installed Medeco-what-have-you lock to get at you and / or your stuff, you've got other kinds of problems.

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EDIT:

Found a live URL to the DefCon Media Archives, with all available content from DefCon 1 (1993) through present day available for legal viewing and download, just for all you history buffs.

http://www.defcon.org/html/links/dc-archives.html

One might also google for "last HOPE" (2008, New York City) videos - if I remember correctly, there was an excellent physical security talk on high-security locks.