Just had some terrible thoughts.
There of course is more than one "audio watermark." So I believe it is highly likely that there are several types of Blu-Ray watermarks that will work along with HDCP, just as they have currently shown to be working along with AACS.
This would mean that a future model television set could receive an HDMI signal that contains a Cinavia audio watermark that says, "Hello, I am Cinavia watermark type 38542, which means that if I am not accompanied by the correct HDCP signal, then please blank the screen and display a 'you got owned' message."
This basically means that in the future, when you buy a new HDTV, you may very well end up unable to use it to watch a backup of one of these Cinavia watermarked discs, even if you are using a PC home theater computer that uses a freeware player that ignores Cinavia.
I would be very willing to bet that we will see this Cinavia crap implemented in the coming months and years in televisions, receivers, scalers, and pretty much any other device that has audio inputs, even analog ones.
Very very very upsetting news for people who enjoy excercising their fair use rights on all forms of physical media, as this can be put on Blu-Rays, DVDs, even CDs.