That's not strictly true - it's picking up the comments and such from the PDB file, which it detects from the App GUID (IIRC). Try this: create a new project, comment it, and build it.
copy the Release EXE to a safe place, and delete the original solution folder (as if it was just installed on a new machine).
Open the exe with dotPeek, and it can't find the PDB, so it uses just what's in the file. No comments!
As for readability, use an obfuscator and it should be pretty horrible to look at!
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The comments never make it into the code. BUT, if you decompile the executable on the machine that has the project still on it, you'll the the comments from the original source, not from the decompiled executable.