It does indeed work, its your shell that is translating the newlines. Try redirecting to a file.

update i'm wrong, i aplogize, but you can always:

while(<>)
{
  binmode ARGV;
  seek ARGV,0,0;
  local $/
  $_=<>;
}
[download]

UPDATE: well i was almost there, this is kind of stupid, but it'll work as you want it to;

while(<>)
{
    close ARGV;
    open ARGV, $ARGV or die $!.' '.$ARGV;
    binmode ARGV;
    binmode ARGV;
    local $/;
    print $_=<>;
    close BINMODE;
}
[download]

 
___crazyinsomniac_______________________________________
Disclaimer: Don't blame. It came from inside the void
perl -e "$q=$_;map({chr unpack qq;H*;,$_}split(q;;,q*H*));print;$q/$q;"