[kuschku]

That now we can’t read the source of webpages at all anymore?

The whole "anyone can look at it, learn from it" part is gone?

We’re steering towards more proprietary code.

Say, for example, if I want to run Google’s "Star Wars" easter egg in Firefox. With JS, I could grep through the de-uglified and de-obfuscated code quickly, and find that its useragent detection would work if I’d just append "AppleWebKit Chrome/45.0.0.0." to the UserAgent. With WebAssembly, I’d have to spend far more work.

[modeless]

You can't read the obfuscated code directly. You have to use tools to deobfuscate it. With Web Assembly it will be the same. There will be tools to help you read the code. You may proclaim that they won't work as well but I think it's premature to say that. Web Assembly is not machine code.

[kuschku]

Web assembly is very generic byte code.

I fear I’d end up spending ages in IDA breaking a DRM scheme implemented in WebAssembly, just like I did with NaCl.

That’s not neat.