A couple of friends on anoher forum have reported they are pretty major.
I'm inclined to think it's not completely cracked. I played a little with the network traffic and it's definitely encrypted/signed. Also one of the gnomes in the office had a go at reverse engineering it and as far as he's got so far he says it is pretty solidly done.
http://www.tomshardware.com/news/ubisoft-drm-internet-assass...