Doesn't APC provide enough security?
Depending on the security you need, it very well might do so. APC provides a mode (mmap) in which only "compiled" PHP files are stored on the server. These are pretty hard to read and might discourage many hackers from trying to decode them. But it's quite possible to reverse the compiling process by way of another program (that you need to write yourself probably). So, if you need to deploy an application and want to feel really safe and secure, I don't think a cacher like APC is the way to go. But of course, APC was never intended for such purposes.
- APC does not encrypt or throw away information. Machine reversible.
- Zend Encoder does encrypt but doesn't throw away information. Machine reversible.
- POBS encrypts by way of throwing away information. Never completely reversible. Only partly reversible by intensely studying the code.