The format's not been out a year yet, and it's already busted? IIRC, it took longer to crack CSS. The tricky part is that you have to supply the key to BackupHDDVD from an unspecified source...somewhat of an "and then magic occurs here" solution perhaps, but it's a start.
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X-bit Labs is running this story on a crack for AACS, the copy-prevention method used by HD-DVD and Blu-Ray. A Doom9 post says that "BackupHDDVD is a tool to decrypt a AACS protected movie that you own, so you can play it back later using an HDDVD player software."