A lot of movies will play without HDCP in my experiance @ full res, but will under no circumstances give you Dolby True HD or DTS Master Soundtracks, unless all components software and hardware make the requiremants, Sly Soft can helps alleviate the issue of full res or backup copy playback but even that has to be updated every week or so to keep up to date with copy protection methods and still isnt the golden bullet, and it still wont give you the HD Audio..
I have a HTPC with a Asus XSonar 1.3 without the Xonar you can not at this time get Full DTS master Audio passthough no matter what player you have or card, ATI Nvidia will give you multi channel 5.1 or 7.1 but not True HD.
So you will need a HDMI display, HDCP display adapter, Asus Xonar 1.3, Arcsoft TMT 3 or Power DVD 9 for DTS Master or Dolby True HD, and optional Audio Video Receiver with HDCP that can playback these soundtracks, this is what is required, even Slysoft anydvd cant give you the audio if you dont have the hardware.
In my experiance its a lot of effort and exspense, but it is worth it, the Audio and Picture are leaps and bounds ahead of DVD, but if you dont have the Audio to go with the picture your only getting half the experiance, think of DTS vrs MP3 its the same with DVD vrs BluRay.
Blu Ray recordable media is a non event, prices are high to curb piracy, and recoup Sony som dosh, prices wont come down for years with this, so burners that can do BR are not worth it untill the time comes that we can buy cheap blank BR disks.
If I left anything out please let me know.