How protect proprietary Python code? (bytecode obfuscation?, what better?)

[seberino at spawar.navy.mil]

How can a proprietary software developer protect their Python code?
People often ask me about obfuscating Python bytecode.  They don't want
people to easily decompile their proprietary Python app.

I suppose another idea is to rewrite entire Python app in C if compiled
C code
is harder to decompile.  

Any ideas?