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Seems pretty unlikely.

If Sony did have an exclusive right to use blu ray in consoles, why have we not heard about it until now? Why did no-one mention it years ago when people were predicting the blu ray 360 addon/new SKU?

Why does the source not link to the deal signed by Sony? If this is true, it would be very easy to prove it true.

Why, if it is true, would it cause a delay in the 720 release? Surely MS's lawyers would have found out quite some time ago and they would have taken it into account already.

I'm calling BS unless someone can link me to the terms of Sony's deal.