I came accross an open source program called IPD-Dump 0.1.0 that allowed users to extract sms content from their IPD backup files to the screen. I've made a few modifications(0.1.1) to it so now it outputs your sms's to a file called OutPut.html.
To this date I am unable to contact the owner of the project, I insist all credit goes to him or her.
Original Project page: ipddump - Google Code
Instructions are included in the file and also listed below.
As of now, IPDump 0.1.1 can only work on ipd backup files containing SMS data only! Make sure when your creating your backup with the BlackBerry Desktop Manager you go to Advanced options and backup only your SMS data and not the whole thing!
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1. Extract the zip file contents to your computer(I choose C:\).
2. Drop your IPD file into it.
3. Once the folder is created, click Start Menu
> type in CMD
and hit enter.
4. On the black window that comes up type in cd..
and press enter until you get C:\ to display by itself.(May need to do it more then once)
5. Finally type ipdump.jar -jar yourfilenamehere.ipd
and press enter.
6. Notice a new file called Output.html is created. Simply double-click in it and
you will get to see the results.