I completely agree w/ HArald. Its not something we'd want to see in an open source product. That said, I saw yesterday that the latest version of EnterpriseDB has this feature. So if you want to protect your own IP, then you've got to purchase someone else's.
Release 2 of our proprietary Advanced Server 8.3 does include the 'edbwrap' functionality. It was included based on demand from ISV's who are used to wrapping their code when distributing an app.
It is important to note (as many people have already pointed out) that both EnterpriseDB and Oracle's wrap functionality is declared as a 100% guarantee that nobody can read your code. As with many different types of security (i.e. the 3 foot high fence) this is really just a deterrent to most people who either aren't capable of reverse engineering or are just not interested in the first place.