Well, it seems that OS X's built-in PDF generation capabilities can be used to bypass these features and effectively create "unprotected" PDF documents. Here's how:
- Open the document with Acrobat Reader (although Preview should work just as well).
- Choose Print and select "Save file as a PDF" from the Print Dialog's Output Options. Be sure you save the file somewhere else unless you want to overwrite the original. OS X will then generate an unprotected PDF.
- The output process will be very slow. System speed probably plays a role here.
- The new, unprotected PDF will be massive in comparison to the original! OS X's PDF generation doesn't support compression of any type. For ex: I took a 2.4 meg protected PDF document that I made and after unprotecting it via this method, it was 14.4 megs in size.

