At present, only B&N devices and apps can read the new passworded DRM, see
Customer FAQ: Adobe and Barnes & Noble.
Quote:
Q: When will Content Server-compatible devices support this new password protection option?
A: Adobe will deliver later in 2009 an enhanced Reader Mobile SDK that, among other new features, will support the new password-based EPUB protection option. Devices that integrate this enhanced RMSDK will be compatible with EPUB content sold by the Barnes & Noble eBookstore, although the devices may require manual transfer of content until the next major version of Adobe Digital Editions is released. This compatibility may also include firmware upgrades made available for existing devices, as determined by our licensees.
Q: Will Adobe Digital Editions support the new password-based EPUB protection option?
A: Yes. The next major release of Adobe Digital Editions, expected in 2010, will be based on the enhanced Adobe Reader Mobile SDK. Among other new features, it will support the new password-based EPUB protection option.
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I don't think the new Reader Mobile SDK is available yet from Adobe (so 2009 becomes 2010), but the good news is that this isn't just a B&N option. All the other ebook stores that provide Adobe ebooks will also be able to supply password protected ebooks if they want (B&N's password is your credit card number, but the password is up to the provider). All new EInk Readers (based on the new version of the SDK) will likely have this option, but existing devices will need a firmware upgrade and I'm not sure some companies (Sony, for example) will do this.