
Here's an interesting concept (that may actually see production) by Ideacious, which is kind of a Canadian cross between Quirky and Kickstarter: Industrial designer and Ideacious CEO Joshua Brasse's InCOG Biketool. The cycle-targeted multitool is "designed to fit the majority of handlebars," and the entire thing bends like a snake so it can be shoved past the bend that occurs after the handle.

Standard driver bits of your choosing can be tucked into each section, allowing you to customize the tool as needed. There's also a tire repair kit that fits into the other handle, and both kits are meant to lock into place by means of a proprietary driver to prevent thievery.

The InCOG retails for $60 and is currently in its pre-order stage.
Comments
$60? It will be gone in 60sec.
If it can be locked into the bar to prevent someone from pulling it out...ok. However I think a frustrated bike thief will just kick the crap out of your bike but your Incog Biketool will survive just fine. Maybe tone down the "look at my $60" yellow star a bit to prevent attention?
so... why complicate things with the handle bars and why not just put them in the pipe that holds the seat?
This is an innovative/flexible idea, I do wish that a mini air chuck + CO2 cartridge were incorporated. Those have saved my hide more times than I care to remember. If you follow the 2nd link and poke around you'll find a black bar end choice (as well as 2 additional "steal me" colors). http://ideacious.com/details2000000056.htm?S=2931990169&L=0 Re: seat post location - My guess is that you'd need a tool to remove the seat to gain access. None of mine are reachable sans tools.