No, Apple let you download a purchased movie from iTunes to an arbitrary disk drive of your choice. Said file will only be playable via iTunes on an authorised device, however. i.e. one that is associated with your iTunes account.
But, I have to say, gee-fucking-wizz. If Apple want their 30% cut on movie sales, they should simply say to the licence holder "If you sell your content on our site, you agree that the purchaser can stream it as often and whenever he chooses".