No not really - like Les said, tokenizing is not a method of security, its a way to make scripts smaller and faster, thats it. Tokenizing only mangles scripts (by default), and the developer has already admitted that one day, someone may reverse-engineer the byte code (despite having no reference material), and that tokenizing shouldn't be thought of as "secure" (cause it aint really).

Havind said that, tokenization does make the script awefully hard to read, for the casual "hacker/snooper" anyways ... depending on the situation, this may be a good thing ... I would be pretty comfortable with it.