This has been argued over already several times. Search the archives. I doubt you'll have something new to say on this afterward, but if you do, you can bring it up in a new thread.
I might be missing something, but I've been searching the forums and can't find anything that specifically talks about obfuscating AIR applications. I'm trying to do so to a fairly large AIR app, and haven't found a viable solution. If anyone knows of one, I'd love to hear it. thanks.