ecarroll@x60s:~/code/perl/obfu$ perl -MO=Deparse ./test
($;, $_, $|, $\) = ("Yoo*se\177*cd*Mcpk+", ' ' x 17, 1, "\r");
{
    vec($_, 1 + $", $^F << $^F) = ord($/ ^ substr($;, $" = int rand 16
+, 1));
    select $,, $,, $,, $| / ($| + tr/ /\000-\037!-\377/c) if print $_;
    redo if tr/ // > $^F ** 2;
}
[download]

use strict;
use warnings;

## Some characters to work with

my $data = "Yoo*se\x7F*cd*Mcpk+";   

## Put 17 spaces in the default variable

$_ = " " x 17 ;

## Force flush after every print

$| = 1;

## Set record-separator to carriage return not newline

$\ = "\r";                      

## Other notes on the obfuscated code
## $^F is equal to 2
## replaced => with comma
## ord($/ ^ $character) "decodes" the characters from $data 

{
    my $index = int( rand( 16));
    my $character = substr( $data, $index, 1);
    my $decimal = ord($/ ^ $character);

    ## convert $decimal to its ascii equivalent and
    ## insert it into the string held in $_ 

    vec($_ , 1 + $index , 8)= $decimal;

    ## print the contents of $_ with a delay = 1/(1+tr/ //c)

    print &&select(undef,undef,undef,1/(1+tr/ //c));

    ## Rerun block if there are more than 4 spaces left
    redo if tr/ // > 4  
}
[download]

Update: It looks like this particular form of obfuscation can be traced to a japh style of Abigail's that turned up on cpan.