Bunnie's NeTV is really cool, but PT implied on this show that he'd have a hard time explaining how it worked to a layperson. From what I understand, the simple concept of "overlay" ought to be enough to describe what the NeTV is doing, and is easily graspable by folks who don't need to know how HDCP works. The NeTV cannot decode the video signal, but it can inject its own video overlay on top of it.
I'm hoping that someone DOES release some code that can decode the input video itself -- I dream of an Adalight that doesn't need a PC and works with any HDMI source, and the NeTV platform looks like it could be a great piece of hardware for such a project.
 - Duh, I see the word "overlay" used to great effect in the product description itself. http://www.adafruit.com/products/609