I've never implemented In App Purchase before, so I used the MKStoreKit wrapper and have a working implementation. MKStoreKit keeps all receipts in the UserDefaults .plist as a BOOL, thus it is very simple for pirates to distribute the in app purchases in a "cracked" state. Once the first purchase is made, the bundle can be distributed and the .plist can be recreated to enable IAP unlocks.
I'd like to extend MKStoreKit to create the In App Purchase validation data in the iOS keychain. Is there any drawback or possible reason for this to fail for paying users, be unreliable, or any other reason why it would be an overall bad idea to do this? I understand that piracy is inevitable, and I definitely don't want to alienate paying users, but I feel that the UserDefaults .plist is too much of an easy way to bypass.
In my scenario, a simple string would be put into the keychain when the purchase is made. That way, if the binary gets distributed, unlockables are not already enabled. Sure, it would be possible to come up with a workaround, but it would take a little more effort and know how to find the TRUE/FALSE flag and cause it to always return the correct value. Through obfuscation I could even make it slightly more difficult to track that down.
Thanks for all of your insights and I appreciate answers avoiding the obligatory inevitable-piracy, deal-with-it replies. I'm more interested in the technical viabilities of this solution.