Thanks dyn!o. I've just gave both of them a try and found that Armadillo is way to overkill in terms of features and final packed size.
ASProtect has the essential features and compresses the exe much much better.

For example, in a 2.8 Mb file:
Armadillo with the best compression: 2.44 Mb
ASPprotect 2, best compression: 0.98 Mb

Since I already have everything developed around ASProtect I'll stick with it and upgrade to version 2.

On a related matter, is the Type III signature size (1024 bits RSA) twice as secure as the Type I (512 bits RSA)? I'm trying to decide if I should lower the protection to keep the registration key as short as possible.

Thanks,
Steven