The next generation of optical media is riddled with safety and anti-piracy mechanisms (think the AAC encoder on Sony's music program Sonic Stage ...what a pain). With this encryption in mind, movie producers felt they could rest easier, knowing their works of art (debatable at times) could not be plundered by CyberPirates, or Cyrates.
But avast, mateys! A loophole has been discovered and it's fairly elementary. The first Blu-Ray enabled PCs have the ability to take a lovely full resolution screenshot whilst a movie is playing. Manipulate that Print key (Prt Sc for the hunt n' peck typists out there) so it takes pictures to match the frames per second of the actual movie and you've got a pirated video track! Snag the audio separately and voila -- a super HD movie free for distribution.
Sony and Toshiba are going to counter this with updates for the video players and graphics card that will close the loophole before too much damage is done. Still, kudos to the magazine c't that found said loophole and Heise Security for bringing it to our attention.