As of 0.6.4, during development mode, is_client and is_server blocks still both go to the client system. I can't say if these are segregated when you turn off development mode.
However, if they are not, a hacker might be able to gain insight from the system by review the blocks of if(Meteor.is_server ) code. That particularly concerns me, especially because I noted that I still at this point can't segregate Collections into separate files on client and server.
Update
Well, the point is don't put security related code in an is_server block in a non-server directory (i.e. - make sure it is in something under the /server .
I wanted to see if I was just nuts about not being able to segregate client and server Collections in the client and server directories. In fact there is no problem with this.
Here is my test. It's a simple example of the publish/subscribe model that seems to work fine.
http://goo.gl/E1c56