Obfuscation alone is not interesting, but 'code compression' (to achieve something using as few characters as possible) is a very interesting puzzle for the brain I think.
Personally, I think that using golf handicapped languages is the only way to keep it interesting. If you can choose the language, it gets too easy.
One could even implement 'cat' as a single character, provided his language of choice.
Someone ought to make a quiz page - "is this perl golf, or a cat walking on a keyboard".