What is the point of obscure object?

[Ogrork the Mighty]

From the SRD:
This spell hides an object from location by divination (scrying) effects, such as the scrying spell or a crystal ball. Such an attempt automatically fails (if the divination is targeted on the object) or fails to perceive the object (if the divination is targeted on a nearby location, object, or person).

I don't think it would be too much of a stretch to allow obscure object to foil divinations in general, rather than just divination (scrying).

 

[pawsplay]

If you've obscured the item you've stolen, and someone seeking it looks at you via Arcane Eye, Clairvoyance, Scry, or Greater Scry, they won't see it on your person. Well, OK--but if the searchers are spying on you this way, you're obviously a suspect, and they could just as well follow up (once the divination pins down your location) with direct observation, against which the spell will be useless.

If they're that close, they can kill you, and search you for loot at their leisure.

. Such an attempt automatically fails (if the divination is targeted on the object) or fails to perceive the object (if the divination is targeted on a nearby location, object, or person).

This is actually really awesome. If they do scry on you, they will fail to perceive the object, and may conclude you are not a suspect!