Skype reverse engineered for open source project

A Russian 'freelance researcher' says he has reverse engineered much of Skype's code and intends to make the project open source.
Efim Bushmanov has posted binaries of his work so far, as well as the original source code, on his blog saying he is looking for 'friends' to complete the project.
Bushmanov claims to have done most of the hard work unravelling the code for the rc4 client and the compression algorithms which us AES and RSA encryption on older iterations of the VoiP and instant-messaging package up to version 1.4.

Reverse engineering commercial code is, of course, a minefield of cross-border inconsistencies, impenetrable patent laws and complex licensing. But the one thing that is crystal clear is that calling something open source doesn't make it open source.
On the other hand, licensing clauses built into end user agreements which forbid reverse engineering are illegal in some countries, and it's almost impossible to prove whether a hacker has 'digitally signed' such an EULA in any case.

One thing's for sure; even if Skype isn't too worried about its source code being hijacked and floating around on Github and The Pirate Bay, once Microsoft has had its acquisition of the company approved and Skype becomes part of the Redmond Massive, the software giant is sure to bring its full legal weight into the ring.