The problem is that the Blu-Ray hasn't been out long enough, nor used for long enough to be able to end arguments.
With so many companies backing it though, HD DVD are going to have a real struggle to beat it. And also, with so many companies (a lot of electronic companies and the like) backing it, they'll be so many Blu-Ray players and whatnot made over the next few years.
I honestly think that Blu-Ray is going to be the next big thing. It went from VHS, to CD-ROM, to DVD-ROM.
The interesting thing is that Sony backs many of these developing products, and look where it leaves them!
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