I guess my question would be who would have the understanding to this and then full access to the technology required to do such things. It's a neat idea, no doubt, but unless you've got a digital ready key cutter laying around, it's useless. I'm also sure anyone interested into breaking into a home to gain cash and various other items isn't going to have the intelligence to create this device.
After all, if they can code their own system and then have their digital key cutter recognize the program and then run it with that sort of precision, they're probably not interested in breaking into houses at all. They hopefully have a real job that pays well and aren't total douche bags.