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Yes. Unpack the .ipa file (it's just a ZIP archive) and then use any ARM disassembler on the actual binary.

It'll be harder, but not impossible to do (as we've seen by the twitter app API secret leaking some time ago).

Wouldn't you need to decrypt, on a jailbroken device, it to get something useful out of the assembly? Or is that not needed for disassembling?

The binaries are not encrypted, they're just signed.

Is that a new thing? Last I checked, the executable was heavily encrypted in the code section..

The binaries are indeed encrypted, as evidenced by running "otool -l <binary>|grep cryptid". Why do you think otherwise?

Sorry was just wrong.

How does one get to the .ipa file?

it's in the iTunes directory on your computer