Sound & Vision Magazine Online has an article which quotes a Sony Vice President regarding the down-rez'd analog outs on the new high definition formats:
Eklund noted that Sony's key piracy concern isn't with analog HDTV signals but with the digital HDTV signal coming off the disc, which both Blu-ray and HD DVD are protecting with the robust Advanced Access Content System (AACS) endorsed by the Hollywood studios. If analog copying does become a problem down the road, the policy could change, he said — but for now, “we have no plan to implement the Image Constraint Token. All of Sony's titles will come out of the analog output at full definition.” He added that other studios still have the discretion to activate the token for all or individual titles.
Fascinating–a major studio in an open market is turning off analog-out DRM. Now, if Sony developed a technology to protect this kind of content and decided to turn it off, why would we possibly want to mandate) that they must turn analog hole protection on?
Thanks to Gizmodo for finding this link