picked this up to go on a 1500mi road trip with 4 bikes. The rack was easy to assemble, is solid and works great. We did not have any issues with the bikes or rack on the entire trip.
I am very happy with the purchase and have done several additional short trips with our bikes without any complaints.
It uses a bolt to secure it through the receiver, so it does require a wrench (included) to install/remove the rack and takes a little longer than just a pin - but on the positive side the rack is very solid once it is bolted in.
As for locking the bikes to the rack, there is brace welded to the tube for the carrier that you are able to run a cable through.
One suggestion is to add a retaining cable to the pin for tilting the rack away from the vehicle to eliminate any chance of losing it - they have it on the top pin for folding the arms down when not carrying bikes.