I really never cared about the format war much; as it stands, about the only thing I had vested in it was a preference to the utilitarian, function over form name "HD DVD".
Things that benefit the absolute most from HD, in my opinion, are video games and programming on television -- Discovery Channel, Animal Planet, Travel Channel. I don't really enjoy a movie any more than I would have just because now, I can see his makeup -- actually, the few times I saw Bluray in action, I hated it. I don't *want* the actors to look like stage actors in makeup! Give me 1970's sci-fi space opera film grain any day. But that's just a matter of preference.
For me, the reality of it is that I love watching movies but hate DVD's -- and that loathing is sure to extend to BluRay. I find that there are precious few I actually will re-watch frequently enough to justify the cost of the media and the space it occupies thereafter. And this is all assuming neither my son nor dog get their hands on (and ruin) it.
I prefer to rent -- either from a video rental place or just snag it on PPV. At 2-5 dollars, I'd have to watch the movie 4-10 times ( depending on price v. rental fee, of course). With the exception of a handful of real favorites, I'm unlikely to watch the same movie more than once in 2-3 years. Increase the price, now, with a new storage/playback medium, and the rental becomes all the more attractive.