Originally posted by jfiedler
the only vehicles that use the "red key" are the 97-01 preludes, which use the type-1 transponder system. all other vehicles at the time of this post (with the exception of the 03 accord) use the type-2 system, which do not require the use of the "red key" to reprogram, instead using the PGM or HDS units that all dealerships have in the shop. additional keys can also be made simply by bringing any working key to a dealership with an ilco transponder duplicator. this saves time & doesn't require the car to be present. the 03 accord uses the new type-4 transponder system, which utilizes rolling codes. they require use of the PGM or HDS to add/remove keys, as type-4 keys cannot have their RF code programmed into another key by the ilco duplicator.
there is no type-3 transponder system. (at least in USDM production vehicles)
as for being unstealable...any dealer can get the key code & immobilizer bypass code for any honda with just the vehicle's VIN. the key code can be used to cut a new key without an original key to trace. the immobilizer bypass code can be used to start the vehicle without using the correct transponder key or any other special equipment for that matter. a thief that knows someone at a dealer and had a handheld key cutter (no bigger than a power drill) and a few blank keys could stand next to a honda (transponder or not), read the VIN off the dash through the windshield to their friend at the dealer, cut the key standing on the side of the road, get in the car WITHOUT damaging the car or using a slim jim...then use the key in the ignition to unlock the steering column and start the car after putting in the immobilizer brake code. if they're quick, they could have the car started about 2 minutes after they called in the VIN. no damage to the vehicle whatsoever.
before you get paranoid...all VIN inquiries are tracked, and individual dealer employees are identified by id/pin combinations. anyone that has half a brain would not risk having their name attached to the VIN inquiry of a vehicle that was stolen a few minutes later 
I guess some of the key traces done on
Gone In Sixty Seconds weren't that far from the truth.