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While Blu-Ray is a capacious format, the loading and seek speed as implemented on the PS3 is decidedly glacial. As I understand it, some devs duplicate assets across the disc filesystem to overcome seek issues, along with mandatory installs. Whereas the DVD as implemented on the 360 is only marginally slower than loading from an HD install of the same image.

So it's not so cut and dried, as the extra work involved to get acceptable speed from PS3 discs would likely be larger than the trivial cost of an extra DVD press thrown into the existing package..