A half-decent programmer could reverse-de-obfuscate the image tiles into a whole image if they really wanted to, they could even post their code for that onto github, however, in all of the years that Seadragon has been around the tools to make the tiles in the first place haven't exactly proliferated so the tools to decipher the tiles aren't likely to get widespread circulation either. With tiles you are pretty well protecting your stuff as a convenient by-product, the real aim is to deliver a superior viewing experience.
I'm assuming you are using steganography to achieve this? What kind of information are you imbedding into the image and when exactly does that process occur? Every time someone "downloads" the image?
encode the viewer's IP into the image (with steganography, wrote a small script for that) on the server (every request). whenever your image pops up somewhere in the web you know which IP address is to "blame" (easily bypassed with IP obfusication software though :) )
WoW does much more than that: http://www.ownedcore.com/forums/world-of-warcraft/world-of-w...