Chris had too much time and over a span of three years reverse engineered set top boxes (Digicipher 2 system) with relatively low cost equipment. In the end he was able to extract the long term keys and understand the used crypto (DES with XOR-preprocessing of data/key inputs) such that he could watch satellite and cable pay TV for free now (nothing interesting to see there though according to him).
Take away: Reverse engineering was made simpler by relatively old design with not too many countermeasures. Never underestimate the effort people are willing to invest to break your system.
Watch his talk on YouTube.