BackupHDDVD tool can "decrypt and dismantle AACS on a Windows PC".
According to a post on the Doom9 forums, the new BackupHDDVD tool can "decrypt and dismantle AACS on a Windows PC". All it requires is the crypto key for the particular title and it will dump the video contents from the disc to your hard drive or burned onto blank HD-DVD media. The dump or burned disc is then playable on any HD DVD compatible player.
There are crypto keys provided with the utility for a number of popular titles with more on the way. If this utility is indeed capable of cracking the AACS encoding, Blu-Ray titles will also be affected since they too use AACS protection.