Looks like the BD+ protection on Blu Ray disks has been cracked by a few independent researchers over at the Doom9 forums. They have an initial release of their program, called BDVM Debugger v.0.1.0, available for download. This is not a finished product ready for the general public, but is a first step in that direction.
One of the main contributors to the project, called Oopho2ei, stated their goals quite clearly:
I would like to stress again that this project wasn't intended to circumvent copy protection and promote piracy. This can already be done using commercial software like AnyDVD-HD. Instead this project was an attempt to enable users of open source operating systems (like linux) to playback their BD+ protected discs without having to use proprietary software.
Congratulations to these guys. Lots of hard work involved here.
Here is a link to the last page of the thread at doom9: http://forum.doom9.org/showthread.php?t=140571&page=17