OK, here's the diagram that shows my interpretation of video data travelling from a BD player through an AVR to a Display based on the DCP material.

The salient point here is that the video pixel (shown as being 8 bits, even though I think it goes over HDMI as 10 bits?) appears as 01010101 when going over the HDMI link between the BD Player and AVR, but as 11001100 when going over the HDMI link between the AVR and display.

(BTW, the diagram assumes that all devices were already authenticated over the DDC lines just prior to the video pixel being sent.)

Brent and Audible Solutions - I understand your explanation that it doesn't work this way. I'm not ignoring that explanation. I'm just having trouble swallowing it at the moment, because of the DCP material and because it leaves HDCP content pretty vulnerable on the line. Thanks for bearing with me.