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I believe they will use a different video file than the ps3 for the cut-scenes, Microsoft has a couple out there like VC1 and WMVHD, which both compresses video, but still have good quality results, this will reduce the amount of data needed to fit on the disks.

The in-game assets will remain the same, and like I posted many times, I see 4 Dual-layerd DVDs max, that's about 30 gigs, plenty of space in my opinion, even for a final fantasy game.