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While I do think HVD will come into use fairly soon, it won't replace Bluray. They won't be used for the same purpose unless HVD has some major advantages for use in movies.

Example, Bluray is out yet music still comes on CDs. Why? Because a CD overall is suited perfectly fine for music and there are no major advantages for studios to use Bluray.

HVD will be used for mass storage and backing up solutions, not movie/video game content.

Bluray's only real competitor will be either the red light solution VMD or download only solutions storing info purely on harddrives.