They still cannot break the encryption without the key. That is the trick. There never will be a hack which will break AACS without the key.
Not even sure if it matters or not. HDCP can easily intervene and not play HD content improperly encrypted. So the decrypted version would only be useful for what? As HDCP is built into the hardware, it cannot be circumvented. Wait until they activate ICT. Then the fun begins. And if these guys keep on jacking the movies, it will probably expedite the enabling of the ICT tag.
Of course, I guess a hacker could design their own silicone to get around HDCP. Then mass produce it, then provide instructions on how to remove a surface mount part from a PC board and how to install the chip. I guess nothing is impossble.
It's not DVD folks. It's a whole new level of intrusion.