HD-DVD and Blu-Ray broken

When I said the other day in comment on Steve Jobs Thought On Music that DRM doesn't work I really meant it doesn't work.

The "Processing Key" of the AACS (Advanced Access Content System) protection system used on both of the new HD formats has been captured while in memory in clear text.

The Processing Key is part of a sequence of steps, but basically allows you to calculate the Media Key that is then used to play the content.