I don't think it will get bypassed. Look at the moto milestone. Its been out for a while and that puppy has the encrypted bootloader as well.
I don't know if its true, but I read that the roms have to be moto signed roms, so even if someone breaks the encryption, if they don't have the rom signed, it will brick the phone.
Also, all it takes is one stealth OTA update to readjust the encryption and slam the door again.
I beleive for intents purposes, its locked down for the life of the phone.
I see HTC moving towards this direction as well. Just look at how hard the desire was to root, the incredible was even more difficult and the EVO was rooted easily, but an OTA closed the door on that (it eventually got rooted again). My point is both HTC and motorola are looking to lock down their phones.