[thaumasiotes]

That's a problem, sure, but it doesn't suggest at all that "real security analysis" means starting with an obfuscated blob and reversing it. It suggests that you're better off doing both kinds of analysis. Variable names can lead your thoughts in certain directions and make it more difficult to see certain execution paths. Obfuscated blobs won't lead your thoughts much of anywhere they weren't already inclined to go -- but they make it much more difficult to see all execution paths.