Do not rely on obfuscation. As You have correctly concluded, it offers very limited protection.
UPDATE: Here is a link to paper which reverse engineered obfuscated python code in Dropbox. The approach - opcode remapping is a good barrier, but clearly it can be defeated.
Instead, as many posters have mentioned make it:
- Not worth reverse engineering time (Your software is so good, it makes sense to pay)
- Make them sign a contract and do a license audit if feasible.
Alternatively, as the kick-ass Python IDE WingIDE does: Give away the code. That's right, give the code away and have people come back for upgrades and support.
