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Does this mean that I could write some handy ASP code, compile it and sell it as a tool, without anyone being able to de-compile it or somehow read the original source code?
As far as I know, applications which are branded ".NET" are standard .exe files which use the .net API to handle authentication and web-based stuff Passport-stylee. I've heard great stuff about it from people actually using it, and the usual crap from the anti-Microsoft zealots.