This is the best design and implementation of Perl-code obfuscation I've seen. ...really the only one that I consider worth using. I was actually just about to build something very similar and stumbled upon this while looking for encryption packages. (This should come up on cpan searches for obfuscation, not encryption)
Straight code compilation-based solutions seem to work only for very simple isolated .pl scripts. Our IP is in packages, which is the target of Module-Crypt. We also have a framework in place for managing (build, distribute) our XS code so this fit right in. Thanks Alessandro!