Of course, the player key has to be given to the user, because the user has to have access to the content. But the user is also the attacker in a DRM scenario, which is why the crypto just never will make any sense.
Some smart guy extracted the player key from a version of PowerDVD (probably using a memory map), and used that to decrypt the Title Keys from his HD-DVD discs.
This is another perfect example how DRM will not stop determined users from enacting their Fair Use rights (and put the content on a BitTorrent tracker), while your mom and dad will never be able to use the content as they want/are used to.
HD-DVD hasn't even taken off yet, and it is already cracked. Way to go, guys.