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There are several DRM schemes for PDFs. Passworded PDFs are trivial to liberate and there are lots of tools that do the "password recovery". Adobe DRM PDFs can only be read by Adobe Digital Editions, and this DRM is easily stripped. See Apprentice Alf's Blog for lots of info about ebook DRM. Once a PDF is DRM-free it is the perfect format for printing.
There are lots of other specialized DRM schemes for PDFs, and most are obscure enough to still be locked down. Note that some PDFs allow printing of a limited number of pages in a fixed time period. I have seen reports of playing with the clock on a PC to allow printing, but I am not familiar with the details.
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