Related Blu-Ray / Streaming comment from Ninja Theory:
"Several developers we contacted were eager to tell use why they thought Blu-ray was not only important, but imperative for the PS3 and Sony, and a genuine edge over Microsoft.
"Consider that games of the current generation have to use DVD5 or DVD9 for all of their content", points out Mike Ball, Co-founder and CTO of Ninja Theory, the studio behind the anticipated title Heavenly Sword. "So roughly the storage medium is 100 times larger than the main RAM of the unit. Although they could, it's rare that a current gen title would take the option of pressing on CD for example. Next generation machines have ~512MB RAM on board, so a DVD5 or DVD9 is only 10-20 times the size of main RAM."
"Why is the ratio important? Many games use streaming, so a single level can require many times the amount of data needed to fill the main RAM of the console." Mike goes on to point out that the quality of the content in the future is only increasing, and that the filesizes will follow."Don't forget the streaming audio too. Dialog may be translated to multiple languages especially if a title is for multiple territories. Some audio may be surround sound, so that will push up the size. It's also worth considering HD video especially if it's 1080p @ 60Hz at high quality."
Other developers have said that they value the improved data streaming that Blu-ray provides them, and the ability to create a game without worrying about distributing content between multiple disks. "With a single Blu-ray disk, you know that all the data will be there."