No it doesn't, save simplicity (aren't handshaking issues still with us?), but inclusion of HDCP doesn't much contribute to PS3's value as an HD device. it's one of those stupid things that shouldn't have happened. MS didn't support it when they released their console before HDCP was a standard, while Sony did and released an HD console that didn't play on a number of HDTVs people already owned. That hardly places Sony as the champion of HD!
HDCP doesn't contribute, but it doesn't detract either, and it's a simple reality as the cost of HDMI capabilities. Since the PS3 can fall back on analog the same as the 360, there's no point to score there. The only real problem people experienced was the tiny number of early adopters who bought "HD Ready" sets in the 90s that only supported 1080i and 480p. That started getting fixed by developers who created explicit 1080i/p modes to cater to the small number of affected user. Ironically, PS3 developers have since stopped worrying about the issue and no one complains anymore because it was such a minor problem for a very small number of users.
And let's not pretend HDCP and HDMI weren't standard at the 360's launch. The CRT HDTV I bought in 2004 had an HDMI port and so did the $50 scaling DVD player I bought in 2005. MS was just being ludicrous in their obstinate refusal to acknowledge the advantages of HDMI.