Sadly, it does. But not for games. If you start up Netflix you get greeted by an ugly red screen when using a capture device. HDCP can go die in hell already, seriously they make it impossible for me to record HD movies
Err is that not the main reason for HDCP's existence? I agree having it on various games for playing games might be a bit suspect at some level but not being able to simply rip films would seem to fall under its remit.
Edit. It is also not like "splitters" with HDCP support (which is to say use of the leaked master keys) are not available.