Yeah, but let's be honest, if I had a job as a manager at a theater and a moderate amount of reverse engineering skill or a small team of friends with those, well, time, access and tools combine quite well...

Sure, they make it look all secure, pass it through all that crypto and stuff but ultimately it has to be passed to the projector chip in some form which is unencumbered to be turned into light. At which point it's fairly trivial to dump. Anti-tampers on the case are probably fairly limited.