The HDCP master key has been leaked, which means anything that used to be "protected" by this pseudo-secret is now very vulnerable to attack, including Blu-Ray discs and HDMI cable connections. The point is this: the movie studios crammed HDCP down the collective throats of the electronics industry as yet another form of built-in failure, and now their critical secrets are out in the open and the whole scheme will come crashing down.
Did anyone predict this? Yes, in fact. Just about everyone, including security professionals, DRM nay-sayers and, I dare say, many people inside the MPAA itself. Next, will it matter if they were proven right and the DRM-happy higher-ups were dead wrong? You can pretty much bet on "no".
What will happen next? First, a mad scramble to try and suppress the secret key, which won't work. Next, investigations into key revocation, which won't work. Finally, someone will suggest generating a new key, essentially invalidating the old one and making all previously-sold equipment into incompatible paperweights. This might actually be the preferred approach, which will mean we'll start getting "Blu-Ray 2.0", and have to buy new TVs, new set-top boxes and new cables all over again.
Mokalus of Borg
PS - According to Hollywood, this will be known as "the price of piracy".
PPS - The rest of us will call it "highway robbery".