Scuttlebutt I've heard is that the really determined ones are copying the image, tossing it up on another site and having a hyumon read it (who then gets free pr0n or what not), and sending the result back. This scheme would be just as vulnerable to something similar.
As a somewhat related aside, I was going to submit something similar to the Obfuscated Perl contest a few years back (but didn't because I used GD and the rules excluded using non-core modules.
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