Examining Skype's encryption

Tom Berson of Anagram Laboratories examines the encryption used by Skype [1] to see if it's as good as Skype says:

I have been a Skype user since August 2004. My 35-year long career as cryptographer and computer security expert has taught me to be professionally skeptical about the security of almost everything, especially of a system which is as adept as Skype at getting through typical network defenses. So I re-formatted the hard disk on a spare computer and dedicated the box to the Skype application. Over the next few months I monitored the list of processes running on the machine, looking for anything suspicious. I also ran a number of experiments during which I captured and analyzed the packets flowing into and out of the box. I was looking for malicious activity and trying to figure out how Skype works. ...