Once I worked at a place which was very interested in protecting the IP inherent in their firmware. They gave me a research assignment to get an idea of how difficult it would be for an attacker to extract it as a binary given unlimited physical access to a sample device. Since I read and write Chinese, I did some searching on Chinese-language sites and found a company advertising their ability to do just that... for…
They are great for maintaining legacy equipment where the original company has either discontinued support or disappeared completely.