In a CodingHorror blog post a commenter made the observation that it is more difficult to obscure sensitive configuration information (e.g. SQL Server connection strings) in a program than it used to be, because the obscuring algorithm can be disassembled quite easily with Reflector.
Another commenter suggested that encrypted appSettings could be used as an alternative.
How secure is encrypted appSettings? Is it a bank vault, a locked door, or an open window, and why? Is it ever safe to store "sensitive information" in an executable?