I'm not an expert in this area, but since homomorphic encryption exists (though is still impractical) and obfuscators do not exist (http://www.iacr.org/archive/crypto2001/21390001.pdf), it follows that the former can't be used to construct the latter.

Wow - k5, that's a blast from the past. The sensible comments on there seem to dismiss this as not such a big deal, DRM wise - any thoughts?

Currently homomorphic encryption is extremely limited and/or computationally expensive.

The most efficient approaches let you do only one type of operation, which isn't sufficient for arbitrary code execution. Known approaches that allow general operations are expensive (if they are secure). See https://secure.wikimedia.org/wikipedia/en/wiki/Homomorphic_e...

Don't really get it, but I wonder about the debugger part, I can't really imagine not being able to debug anything...