Either I'm missing something or this doesn't really seem like that big a deal.
Here http://www.secdev.org/conf/skype_BHEU06.pdf is a 2006 analysis of Skype that found that "RC4 is used for obfuscation not for privacy." They simply worked around it to continue their reverse engineering. And showed that you don't need to understand it to e.g. build a parallel evil Skype network or overflow a buffer and hack everyone running skype.
An impressive feat of reverse engineering given the lengths Skype went to, but I don't quite see how practical it is.
That link above, "Silver Needle in the Skype", is a fascinating research paper about how the Skype binary is engineered with anti-reversing techniques.
Skype only wants you to interact with their network in ways that fit their business model; this is why, for example, the Skype GUI is free but the Asterisk connector costs money. If you can reverse-engineer the protocol, you could build a client that upsets their business model.
Here http://www.secdev.org/conf/skype_BHEU06.pdf is a 2006 analysis of Skype that found that "RC4 is used for obfuscation not for privacy." They simply worked around it to continue their reverse engineering. And showed that you don't need to understand it to e.g. build a parallel evil Skype network or overflow a buffer and hack everyone running skype.
An impressive feat of reverse engineering given the lengths Skype went to, but I don't quite see how practical it is.