Soon after the news of BackupHDDVD broke and before there was any independent confirmation that it really worked as advertised, the Blu-Ray camp started their PR campaign to boast how their format was superior in terms of copy protection. But, their second DRM layer called BD+ is not being used right now - and the first steps towards decrypting the existing Blu-Ray titles on the market has already been made. Whether BD+ really holds up remains to be seen - the specs are not publicly available which prevents cryptography researchers all around the globe of verifying the claims of the BD+ creators - if history in cryptography has shown anything it's that the safest mechanisms are those that withstand the scrutiny of the academic community.
They have managed to decrypt full blueRay movies using the same Key Extraction from software players.
HOWEVER note that these BR discs are NOT protected with the additional layer of protection called BD+. When that is also implemented in future movies, the situation might change.
But this is GREAT news for everyone, as this means that Both HDDVD and BR have been cracked.