Not a discrete solution, but the Bearlake G+ chipset coming later this year supposedly will have built-in HDCP and audio codec built into the Southbridge, fed back into the Northbridge (where it can go out as HDMI). It's a weird-looking solution, and obviously it doesn't help people looking to keep their current setup, but I just wanted to put it out there.
I do not speak officially in any sense for
Intel Corp., Technology Manufacturing Group
but I do work there.