I honestly think the BRA is going to be smart and make profile 2.0 and on backwards compatible. Yes, there is no reason to do so, but not doing so would be like shooting yourself in the foot. They made the mistake with the 1.0/1.1->2.0 mess, but I think they will fix this in the future.
HD-DVD was more consumer friendly in that it didnt have as strict of requirements for the content protection (HDCP), however, it was still there. Blu-ray, aside from having the space and bandwidth advantage, does have far more as far as interactivity goes (The Blu-Java layer). The fact that you can now store uncompressed (or lossless) audio tracks on the disc is an obvious plus. The picture is readily expandable should something beyond 1080P ever come into play in the near future. In the end, I honestly feel that while less consumer friendly, blu-ray is the better choice.