So even trivial obfuscation turns out to help a lot. Here's someone's tests from a year ago:
http://techblog.tilllate.com/2008/07/20/ten-methods-to-obfus...
Every technique reduced spam by 60% or more, and even the dumb-as-rocks replacement of '@' and '.' with 'AT' and 'DOT' reduced the volume by size by over 99%.
1: The analysis runs 1.5 years until July 2008 -- one must assume that crawlers has become more sophisticated. I.e. building the DOM, executing any javascript and then searching all visible text isn't that difficult, and less so now than in 2007.
Also, I would debate that these are high value targets. I'd wager that people who go out of their way to obscure their addresses are much less likely to purchase fake pills or fall for a phishing email than the average user.
Secondly, I don't see how bob is a high value target. Someone who knows what spam is, and knows what a spam bot is, and knows they want to obfuscate it, is probably not someone who would make a purchase if they did receive spam.
I think that's one reason spam bot crawlers don't try that hard to obfuscate addresses: the recipients are of less value than those unobfuscated.