You're right about the current state of DRM in Flash. Even RTMPE is sort of pseudo-DRM (or the encryption key was cracked). Adobe is no doubt going to improve their DRM in the future to go at Windows Media DRM head on.

Javascript will always be able to be manipulated by the end user though no matter how obfuscated the code is. A good example is how the SkipScreen plugin for Firefox manipulates the javascript on download sites. SWF files aren't invulnerable to the same tactics before they load, but it's a lot harder to manipulate once they're running in the Flash Player

Edit: I guess there's a debug browser plugin available from adobe lol... Things might get very interesting in the future (although end users trying to run the debug plugin might be a bad thing)