Can python code (say if I used djangno) be obfuscated to the same 'level' as c#/java?
Python code gets compiled to bytecode (.pyc) files as it is imported. You can distribute those .pyc files instead of the .py source code files, and the Python interpreter should be able to load them. While Python bytecode is more "obfuscated" than Python source code, it's still relatively easy to disassemble Python bytecode -- but, then again, it's not that hard to disassemble Java bytecode, either.
If I obfuscated python code, would it provide the same level of 'security' as c#/java obfuscating?
i.e it makes things a little hard, but really you can still reverse engineer if you really wanted to, its just a bit cryptic.