I own a Blu Ray player and 3 HD DVD players. I also own an upconverting DVD player - upscales movies to 720P. My Vizio TV supports 1080P and audio over my HDMI cables.
That said, I have close to 40 HD DVD titles (including the Matrix trilogy, Bourne triology and Planet Earth) and about 20 Blus. I love both formats, even though one is dead. I actually watch more HD DVDs at the moment, but have Netflix and rent pretty much only Blus from them unless I have to get a movie on DVD.
The quality is superb, but I regret a lot of movies from back in the day aren't properly updated and made for 1080P. It looks like a quick conversion (Star Trek II, IV looked like crap) but in the future, if the studios re-released movies and did it with care, I'd likely bite. However, since I'm likely going to rebuy movies in the future, I won't pay more than $15 max for movie, and really only get more Blus when they are like $10 a pop.
Right now, the upconverting of my 360 HD DVD and the Toshiba DVD player are good enough until Blu prices come crashing down. Then, I'd update most of my DVD collection (well over 300 DVDs).
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