I posted in the other thread but add comments here as well.
My gear, most of it is taped over. Not only the brand names but also the edges and prism dome, basically any place that might take a bump or ding. I try to baby my gear and if the time comes can resell it but I also want to actually use my camera, so I keep the camera wrapped up. I started doing this as to hide my camera, people don't pay much attention to a camera they can't see the brand, and it doesn't stick out as much.
I found this out from going to sporting events. When I would bring a white lens, I noticed a lot of people looking at me, stopping to ask questions, but once I taped over the lens, less people would notice me. I think it was apart that the strange white lens was no longer different from any one shooting with a black lens, and fit in better. Also from a security point of view, I was hassled less by security (good and bad) for taking professional photos.
After a while I got used to the idea of just keeping my gear under tape, and honestly never liked displaying huge logos on my items. My previous motorcycles were all debadged and stickers removed, car debadged, typically prefer military version of backpacks for less logos. I know some people love branding, I just don't like it. Looking at a Nascar is my nightmare. lol
For thief protection, I used to think it would help but I'm not so sure. I don't want to trust any thing and of course simple tape isn't going to save you if you are taking photos in a bad part of town. What I do noticed is that with my sloppy tape job, very rarely does someone noticed the camera is a new model. Most of the time the casual person will comment "that's really beat up" or "is that a film camera" or "how old is your camera", never "oh wow nice 5d!".
Does this make my camera less desirable to steal? No, but when given a choice between the busted looking camera and a brand new 50D (labeled so clearly by the nice bright red neck strap), I think the choice would be the easy to sell 50D.
Now this also works against me as well. I've noticed that when people notice your camera, they really get out of your way. Throw on a white lens and some branding, people just get out of your way. Also at some sporting events, security will hassle less, really depends.
Speaking on the subject of 3rd world travel. I don't think any amount of tape will help and if I was intending to travel I would buy a camera that I could afford to loose, just keeping the memory card hidden in a jacket pocket.