The encryption key method is selectable by the user. Password only (probably a short, easy to break password), device key (a randomly selected key unique to the device), or a combination of the two. The password only method should be breakable as the password has to be typed on a mobile keyboard and is likely to be simple. If the device key is involved, you're probably out of luck.
Here's a somewhat out of date document from BlackBerry's knowledge base: http://btsc.webapps.blackberry.com/btsc/viewdocument.do?noCount=true&externalId=KB16088&sliceId=1&cmd=&forward=nonthreadedKC&command=show&kcId=KB16088&ViewedDocsListHelper=com.kanisa.apps.common.BaseViewedDocsListHelperImpl
I have had no luck decrypting them, but I haven't really tried that hard.
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