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Although they have (certainly) not been 100% accurate, the success Apple has achieved in the past 10 (or so) years has come primarily from being able to figure out what people (in general) consider "Sexy" or "Cool" ...  Steve Jobs not being particularly "Bullish" on Blu-Ray tells me that Apple does not consider it to be much of a "Sexy" or "Cool" feature at the moment, and they are probably not expecting it to become massively popular in the particularly near future.

Now, because Steve Jobs is taking a "Wait and See" approach towards Blu-Ray it means that he hasn't given up on the format ... In other words, although this isn't a positive statement it is not that negative of a statement either.