Do you guys using .NET commercially think about code security (IP issues) much?

I say this because, I've come across a few commercial applications (one of which costs a small fortune) which were written in .NET and I thought I'd take a look at them in more detail.

One had no obfuscation and .NET reflector lapped it up, for the most part I was looking at something which was pretty much readable source code.

The second was obfuscated and visually looking at the code didn't make much sense, but using the .NET reflector debugger I was able to poke about at its innards and gain a very good understanding of what it was doing.

Maybe the code obfuscator wasn't brilliant, but I found that it much more logical than say poking around compiled x86 code with a dissasembler or debugger.

It's been years since I shipped anything that was based on .NET (I did a couple of projects for customers in it) and I've always had this "security" flag waving in the back of my head.