So, as i said before, We don’t compile into machine Code, we simply convert into IL and the CLR will run the IL.
If you want to view the IL, simply run ildasm.exe from the Visual Studio Command Prompt (In your start menu) and then you can select a file to view the IL for it, if you want to see the code check out reflector (Yes, you can convert it back to C#)
Don’t freak out just yet, i know anyone can see your source code, But you can use an obfuscator to make it hard to read by humans.
On other thoughts, if you want to freak out, do it now, but trust me as you understand the technology you will find that there are ways to reasonably protect your code.
Anyway, untill microsoft shows us something real with there Pheonix compiler, you are free to freak out, If a licensing string is in there chances are someone will find it and change it (But they used to do that with x86 code too right), But again this is 20 times easier, if you are going to distribute without obfuscation, why don’t you spare the guy some time downloading reflector and give him the source code too…