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HappySqurriel said:
The cost per game for burning a Blu-Ray disk makes piracy impractical at the moment ...

In 12 months time you will be able to (probably) buy a Blu-Ray burner for $200 and discs for $2 or less which could make this a serious problem; pirated games with no hardware mod would be a serious problem.

But if they really crack the firmware, they can load directly from the hard disc. No blu-ray disc would be needed. Just like the UMDs were circumvented with memory sticks.