It is however much more work, so it's always a balance of how usable the code is or easy to write vs how bothered you are about people viewing your code. Net, compiling it and using it as an add-in. I believe you'd get security by writing the code in.
Ultimately there is no sure-fire way to protect your code, Excel is inherently insecure. I haven't tried googling it, but I think it's a little less well known than the password cracking/hex approaches so users are less likely to find how to view the code (although in fact the method is easier than usual password protection).
It's pretty ingenious, but imo even easier to view than the usual password protection. Excel thinks the project is shared - even though the workbook isn't so won't show you the code. I've seen Roy's approach before - or at least I think I have, it uses the in built mechanisms of Excel with regards to viewing projects in a shared workbook.
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