We spent many tens of hours submitting to search engine only to have people steal our placement and code. We developed the Stealth Meta Tag CGI Script to protect our hard work and have since started offering it to the public.
We don't encode the html (too many esoteric on the user), but instead load different pages for search engine spider and standard surfers like you and I. To find out more go to http://www.outrank.com/stealth.shtml (Unix and NT)