Any protector is very good if you USE it properly. Most software devs just want something quick and easy, and to keep out the general population.

Armadillo is almost impossible if you use secured sections with many certifactes and ECDSA level 10 keys, custom environment variables, and all other protections enabled. You simply will not crack it without a valid code, and if you put in the proper checks on it, you are in for some serious headache patching even if you do dump it properly (which most people don't).

Themida/Winlicense/VMprotect is still quite formidable if you again, implement it properly. Using code wrap/encrypt in your source code and using proper checks.

Properly removing safedisc/safecast/activemark/securom is also quite the challenge. Dumped VM's suck, k thanks!

=]