There is absolutely no need for M$ to use Blue-ray. M$ can use their own proprietary format for games. A modification of the HD-DVD could easily do the trick.
The next-gen M$ console has no need to double as a blue-ray player since streaming technology is now the preferred way of watching movies and entertainment. Microsoft is investing a lot of money to enchance the entertainment hub of X-box Live. The next-gen will have some VERY capable online movie libraries. M$ gets absolutely NOTHING out of their customers watching blue-rays. They would much rather make money from online rentals, then support an unneeded blue-ray drive.
Blue-ray drive is antiquated technology that will never achieve the heights that DVD did. Online streaming is way of the future-- Netflix is already the biggest source of Internet traffic in the US. So, I will repeat my point one more time: there is absolutely no advantage for M$ to use blueray.
Most anticipated games of 2011:
Uncharted 3,Legend of Zelda: Skyward Sword, Rocksmith
Modern Warfare 3, Super Mario 3D