Am I right that the failure mode spiped protects against is someone finding an exploit that allows them to bypass ssh logins that are set to (for example) public key authentication? So if one is not worried about this, there is no point?
Further, am I correct that what spiped does in this scenario is add a second layer of encryption, so that one must first bypass spiped in order to attempt an exploit against the ssh daemon? Then, in effect, spiped acts as a small, isolated, and auditable "condom" that can be used with any public-facing service?