Note: you had a type, take off the { and ; and it will work.

Well, I'll leave it to someone else to explain it, but I'll give you some tips to improve your obfu.

1. Use as few parentheses as possible: when you write ($&&~433)x ... you don't need those parentheses. It makes it harder to understand if you use as few parentheses as possible, I suggest you scan the precedence table while you are writing your obfu.

2. your $test:$one?$two is a little easy to understand. I would change your:

($&&~433)x$&>4?2:$&
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to this:

$&&~433x$&>4*$^F+(!$&>4*$&)
[download]

Note I also used one of perl's special variables ($^F) instead of the number 2.

The 15 year old, freshman programmer,
Stephen Rawls