davidjeanneret on "Can anyone shed any light on this code?"

Hi folks,

I've just run a scan on my multisite install that flagged up some encoded stuff in a theme's functions.php - so I've come across here and noticed the sticky posts about encoded themes etc. - point noted - but I'd like some advice on a theme I put in to place a long time ago.

I decoded (and formatted) the code to try and make sense of it, but I can't - I'm wondering if anyone can tell me what it does/is it malicious?
Here's the decoded bit in question:
http://wordpress.pastebin.ca/2314523

It's from a theme called Flued Blue that I picked up a few years ago and modified.

Any advice most gratefuly received.

Thanks

David