The business implications of having client-side software are a different issue, and I think its been demonstrated many times that businesses can do very well even with most or all of their code running client-side. Any desktop / mobile software works like this, as I mentioned.
Relying on a compiler for security is a bad idea, just as you shouldn't rely on people not messing with your javascript. Clients today can access and change MS Office if they know what they are doing.