Blu-Ray DRM appears to be dead. I've said many times before that DRM will be broken at some point. It therefore likely exists not to prevent piracy (which almost always is feasible even without breaking DRM), but to prevent otherwise-legitimate use by those who have purchased the content. For instance, DVD DRM served to impede format shifting to iPods for some time, opening up a market for the same content to be sold to the same consumers in a new format.