If you were interested to hear last month about how the HD DVD AACS encryption was defeated, you'll also like to hear that the same has been done for Blu-ray. The same fellow who found a way to circumvent HD has done the same for Blu-ray as he said he could, likely so soon due to the similarities in the technology.
As before, it requires a bit more user end work than simply clicking buttons, and there are possiblities of software updates rendering existing methods unusable. However, as time has always shown, people hate and will continue to hate DRM.