After looking around at various options for a bit, I stumbled upon a possible issue. The region code for the physical drive was set properly (Region 1 - U.S.A.), however PowerDVD did not have it set at all.
Moreover, while I had 4 region settings left on the drive (according to Windows), PowerDVD stated 0 changes remaining. Thus, I could not correct PowerDVD's error.
After installing PowerDVD12, I had a different error in that I couldn't access the drive (or change the region code). It gave me similar to what 10 was doing plus no access to the drive. I searched for that solution, and found this:
http://www.cyberlink.com/support/product-faq-content.do?id=15666
There is a patch for PowerDVD12 to correct an issue related to a patch for Windows from February 2013. After installed the patch, I was able to set the region in PowerDVD and then successfully play a Blu Ray movie.
Why PowerDVD's support team doesn't know this needs to be done, I am not sure. I do not know if there is a patch out for Media Suite 10 as of this writing.
So, check your patches. Then check your region settings in PowerDVD. Hopefully that will let you play a Blu-ray.
AMD A10-5800K APU with Radeon HD Graphics 3.80 Ghz
16.0 GB / 64-Bit Windows 7 Pro