Yes, those tools are extremely good at reverse engineering. With a bit of know how, it is now trivial to reverse engineer any protocol or crack any software, often in a matter of hours or less.
A lot of people in the industry have vested interests in this not being discussed openly so you don't hear too much about it, but the implications are huge.
It wouldn't surprise me if reverse engineering is put on the "highly unsafe" list in the near future in the same category as bio because of these interests. Can't have the cattle classes be able to control their own property now can we?
Some people even had some fun de-minifying JS and disassembling binaries. Successfully.
What are some of the implications? Where does widely available mythos-level hacking lead? By people with a vested interest, do you mean non-cloud software vendors?