Define "safe enough". Here is what BOL says about WITH Encryption:
Indicates that SQL Server will convert the original text of the CREATE PROCEDURE statement to an obfuscated format. The output of the obfuscation is not directly visible in any of the catalog views in SQL Server 2005. Users that have no access to system tables or database files cannot retrieve the obfuscated text. However, the text will be available to privileged users that can either access system tables over the DAC port or directly access database files. Also, users that can attach a debugger to the server process can retrieve the decrypted procedure from memory at runtime. For more information about accessing system metadata, see Metadata Visibility Configuration.
That is as safe as you are going to get.
Scott Klein
Author - Professional SQL Server 2005 XML
http://www.wrox.com/WileyCDA/WroxTit...764597922.html