Looking at the raw code of PDFs will not serve you much unless you also have an idea about its internal structure. You should get yourself a copy of the official PDF reference (download PDF), and you should have read some introductionary article such as this [gone] or this to begin with.
Even after such a preparation, you'll not discover much useful when staring at the raw code. Because PDFs usually will contain parts which are "filtered" (that means: compressed).
How to look at the real PDF source behind the 'raw' binary parts
Jay Birkenbilt's qpdf is a very useful commandline tool (available for Linux, Mac OSX and as source code, under the open source Artistic License), which can unpack most filtered content and re-organize the internal structure in a way that gives you much more insight into it (all objects are numerically ordered, etc.). The commandline to achieve this is:
qpdf --qdf original.pdf unpacked.pdf
Another useful and free tool (GPL licensed, but Linux-only AFAIK) to look into PDFs is of course PDFEdit. This one even comes with a GUI (if you prefer that), while still allowing you access to the internal structure and "raw" PDF code.
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