You still got to take into account the financial aspect of the media your using . By the time The PS4/XBOX 720 is released Blu-Ray will be much cheaper , probably almost as cheap as the standard DVD .
Sony and MS will be looking for the lowest price point possible to achieve the maximum amount of marketshare , both will want to keep costs low.
Sony will want to continue to support Blu-Ray because of how it affects their entertainment business , particularly movies , there's no way another optical format is making an apearance in the entertainment industry for a long time (if ever).
Blu-Ray is more than adequet for this generation and with the advances made in blu-ray technology ( I read of a 100gb blu-ray disc ) I don't think there will be a need for a superior format , if 100GB is too little we can always revert back to multiple discs if the need arises ( remember blu-ray will be cheap enough for it to be a feasible option.)
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