I would say yes. Anytime an HDMI is not connected to the receiver (TV, Slingbox, etc...) you will not be able watch a channel if encrypted. The reason those converters in the previous posts work would appear to be because you are using an HDMI connection, it then goes to component, and the information is passed along that satisfies the encryption.
The good news I suppose is you can easily get a box that takes one HDMI output and makes two or more outputs from that one as I now use. In theory you could then connect one HDMI output from that box to your TV, and connect one of the converter boxes from another HDMI output, and use component cables if that type of connection is needed. But for those who use the second SD tuner which does not use HDMI, it would appear some channels would not work at least at this time.