Commercial encryption can be broken a lot easier than a BIOS password.
But if in fact your laptop is stolen, you will at least have the sadisfaction that the user won't even be able to go past the BIOS password screen. Essentially, that computer is one huge paperweight.
I say put a system BIOS password and a hard drive BIOS password. Make them different. The hard drive retains the password even if it is moved to another computer, and even if the actual PCB of it is changed. In this manner the hard drive is virtually not accessible.

I work in the IT department of a major consulting firm and security is huge for us. The question was raised whether HDD passwords could be broken. I tried tirelessly, whatever I knew, whatever I could think of and whatever I found on the net... no love. The password was not broken.