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Blu ray is here to stay for the next 10-15 years, i dont think you'll get a better medium to distribute hd movies. Downloading services has no chance to become the main stream hd movie distributor because of the senior citizens(many dont know how to download) and the limited internet speeds. It would take at least take 10 years to improve the infra structure and hd movies will not become main stream before fiber is an option to everyone. HDD's are still to expensive and you'd still have to download the 50 gig movie.

A bigger storage disc format wouldnt do any good either. At least not until the resolution gets bigger than 1920×1080.