It depends. But, as far as I am concerned, it will always offer DRM protection in the short run. The Digital Restrictions Management is technology that controls what you can do with the digital media and devices you own.
But, as to the annoying DRM, we can remove DRM with some DRM removal tool, such as Noteburner. http://www.noteburner.com/m4v-converter-plus-for-windows.html
Requiem is a free software, but it can't bypass DRM encryption from iTunes movie rentals but only purchases. It works unstably and even stops upgrading since 4.1 for a long time.
For shareware, you can try Noteburner http://www.noteburner.com/m4v-converter-plus-for-windows.html, which can remove DRM from both iTunes rentals and purchases.