Aaron,

>>That sounds the same as mine however it is self-defeating if the decryption is run on request from a decompiler.
The main reason for this technique on the DESKEY dongle was to try and defeat de-compilers. Does your manufacturer state in the manual what the protection is supposed to cover ? Does it mention decompilers ? <<

It says that it will encrypt the exe and also insert a number of modules in the program (you can set this number) that would start the protected application and then unload at run time. Those modules are aimed at preventing use of debuggers and disk analizers.
Does not mention explicitly "decompilers". It says "reverse engineering".

>>That sounds the same as mine however it is self-defeating if the decryption is run on request from a decompiler.<<
That's right. A thief can decompile the exe and disable the dongle in no time. However, there is one thing you can do against this. If you exclude from the project vital files, then you can use another feature of the shell: on line data encription.
Then you distribute your exe along with those files (fxps, spx) you have excluded in encrypted form. This way, even if the thief can defeat your first security line (ie, Refox branding) the remaining application will be useless.
Said that, I still think the dongle you use (Deskey) provides better security since it wont allow a decompiler even to split the application.

Regards,
Roberto