It might take longer to do, but Blu-Ray protection will almost certainly be cracked. Blu-Ray suffers from the same vulnerability that all single-ended encryption suffers: you couldn't play the media at all if someone wasn't giving you both the encrypted message and the key to descramble it. The fact that you can see a viewable picture on your screen means that you must have been given the key that decrypts the content of your discs and puts that viewable picture up there where you can see it.
Also, since new Blu-Ray releases are supposed to remain compatible with older Blu-Ray players, and Blu-Ray players aren't required to "phone home" to get key updates, then all the decryption keys you'll ever need must be built into every Blu-Ray player. (The same argument goes for HD-DVD, of course.)
Once someone reverse-engineers the complete process going on inside any Blu-Ray player, the cat is then out of the bag and can't be put back in. The only trick the studios can play is to try to hold back on using one or more DRM variations -- variations which nevertheless have to be built into the oldest Blu-Ray players out there right now -- and hope that, with no software released for the hackers to test their hacks with -- they can switch to a variant in the wake of each successful hack, and hope that the hack wasn't complete.
It may take only months. It could be a year or several years. But I'd say it's 99% certain that the Blu-Ray DRM will be cracked within the next few years, and we'll be able to rip HD content just as we've been able to rip standard DVDs for the past few years.
Since HD-DVD is now beginning to look like it's going to get beaten, but I already own a few HD-DVD movies, I hope that some hacker remains interested enough in cracking HD-DVD too, so I'll be able to transfer content from HD-DVD to Blu-Ray. Then again, the number of discs I have is small enough that it might be easier to bite the bullet and re-buy those titles as Blu-Ray, rather than have to scrounge up an HD-DVD drive to do the conversion, and blank Blu-Ray media at cheap enough a price to be worth the effort.