Copy protection hole in Blu-ray and HD DVD movies

Forgive me if I come across as being a bit cynical here, but you had to know this was coming.  It seems that the first generation software HD DVD and Blu-Ray software players allow users to take full-resolution screen captures -- which somewhat defeats the purpose of the AACS and HDCP content protection schemes. Big deal. Users can take a couple of screen grabs you say? Well, what if an enterprising programmer develops an application that can capture frames at higher-than-real-time speeds and rip the audio stream from protected content, and can then take those frames and re-compile them into a full movie that's in-sync with the audio?  It may sound tedious and complicated, but it can probably be done. And mark my words, if there's a security hole in Blu-Ray and HD DVD it will be exploited, and pirated movies will begin to crop up quickly.