Another point, I'm sure it's been brought up--but even if people do figure out how to crack it, doesn't the sheer size of these discs make pirating them over the internet a little unwieldy? Who's going to take the time to bit-torrent a 50 gig file? And then where do they put it and on what media? I know plenty of people have those 100-200 gig HD's, but that's like, what, 2-3 movies on your hard drive before you choke out everything else running on your PC? The cost effectiveness of just buying the retail version, at this point, seems to be the best form of anti-piracy. Downloading a single layer compressed DVD (from 8-9 gigs down to 4.5, typically) is a lot easier than downloading a 50 gig blu-ray disc, then hassling with decoding and shrinking, much less BURNING, even if you figured a way around the encryption. I get the feeling that even people who LIKE piracy would be like "Forget it, I'll just spend the 25-35 bucks and buy it."
For the next 2 to 3 years, I think the idea of piracy is going to be largely academic, as it's just so very inefficient to even mess with it at this point. Especially if they manage to keep the price points down, which they should if they really want the format to take off. It's one of the less quoted reasons for DVD's success--yes, the picture and audio quality are superb, but it's the fact that even the NEW movies typically go for about 15 bucks, and in the VHS days, for the longest time, you were lucky to own a movie for 45 bucks or less.