I was reading a blog today (http://somewebguy.wordpress.com/2009/07/20/is-encrypting-your-web-config-a-waste-of-time/) about both how to encrypt your appsettings/connectionstrings etc. using the aspnet_regiis tool.
He has a follow up post with some feedback from others saying this is a waste of time.
My question is, what do you think? Are you totally hosed as soon as anyone gets physical access to your web.config files anyway? Or is this a worthwhile precaution?