HDCP does not protect BD (alone)
Some have hinted at it but IMO it has not been made clear enough: HDCP does not protect Blu-Ray Disks (BD), it's link-level protocol to encrypt the raw, uncompressed (~5 gbit/s for 1080p + 8ch audio) video and audio stream, meaning about 1-2TB / movie, now, TB class disks are not exactly impossibly expensive but you need a proper RAID setup to be able to write fast enough to keep up with the stream (also some sort of HW to read the stream from the wire is required)
Anyway I'm fairly sure cracking the BD level protection continues to be the preferred way for normal users to backup/format shift their HD content. The "real pirates" get their content from unencrypted master sources anyway so nothing new there as well.
HDCP only would make sense if it was possible to make the disk/player level DRM systems so strong that going through "link hole" would be easier than cracking the DRM for those that wish to do format shifting/backup of disks they already have (again: pirated HD material is readily available in the internet in any case, and it's a sad state of affairs when the "pirates" have so much better product than the "real deal")