Not having that much time on my hands anymore I personally go for quality over quantity. I rather watch 2 great movies on blu-ray a month then a bunch of lower quality 'hd' movies over Netflix, psn or xbox live.
Maybe if I could get the whole blu-ray through download with extras and commentaries. However that's pretty much out of the question with a 40gb a month download limit. Never mind downloading 2 blu-ray discs worth of content would take forever. And I like the boxes on the shelf, to have something to browse when friends/family come to visit and want to watch a movie.
It is a useful check mark on the box for Microsoft. It will not take away from their download store for the reasons you stated, but it could be a deciding factor for people like me which console to get.
I still think it will be a smart idea for MS to experiment with a download only console. 2 sku's, one with a physical drive, and one with a 1tb hdd. I'll go with the former. The 2nd will be cheaper but will restrict you to download only. It will be interesting to see how many people will go the download only route.
There is a 3rd option, sell a disc or digital download that unlocks blu-ray playback by installing the software. Sell it with a special remote (you don't need if you have Kinect) for an inflated price, perfectly in line with MS's strategy this gen :)
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