In my experience with cars with valet keys:

The valet key cannot unlock the glove box, and there is a switch in the glove box to disable the drivers seat trunk switch.

> The trunk can be opened without a key from the drivers seat of most every car, no?

Depends on the model. New cars usually have this, but e.g. older cars like Mazda 626 or VW Bus, up to the new T5 line, do not.

In some cars, it's configurable at order time if you want this feature.

My Honda has a lockout that disables the lever used to open the trunk from the driver's seat. Of course, many cars have a fold down rear seat (mine doesn't) meaning any valet that really wants to check out your trunk will still be able to.

My 15 year old Honda has locks on all of those things, that you cannot unlock with the valet key. There is a lock on the trunk lever, a lock on the shelf in the back window for the seats, and a lock inside the armrest cubby in the back for the fold-down cup-holder stowaway door thinger.

I think a lot of cars have some kind of lockout for it. I have a VW, and there's a electric trunk lever in the driver side door, which has a keyhole above it to disable it. Both sides of the rear seat also fold down to allow trunk access, and both sides also have keyholes to lock them out. So I guess you could keep the valet out of your trunk, if you actually remember the valet key and go to the trouble of locking 3 different locks. Which gets to your second point, that I don't really have anything there worth caring about anyways. Maybe if they really want to steal my spare tire or something.

But then again, I don't really like valeting my car anyways.