Has anyone read the most recent PHP Builder article, Securing Data Sent Via GET Requests? It appears to contain a typographical error on the second page. A '<' was not converted to '<', leading to code for a for loop getting cut off. Besides that, the code generated by the "single-use script that generates the include file" uses short tags, and in both ob() and deob(), $newIn is not initialised before use in the loop.
However, I think the real problem is that the suggested scheme is snake oil encryption claiming to be secure enough such that it can be used "to take full advantage of the convenience of GET requests, without ever needing to display insecure data in the client browser". From what I see, the basic idea is to generate a PHP script with an array of ten possible random mappings of the ASCII table. One of these mappings is choen based on the return value of microtime(). The key is thus the index of the mapping in the array, and is passed along with the rest of the obfuscated text.
This is then a simple one-one mapping. If mappings are never reused with the same key, it is equivalent to a one time pad. However, with just 10 possible mappings, I daresay an attacker can quite easily have all the possible mappings very easily, after which the security just disappears. A possible solution is to generate a new mapping file, but then one has to be certain that none are in use. Increasing the number of mappings will help, but to really be secure the size of the generated file may be rather large.