The only thing is that Blu-Ray won't see wide use like DVD, because unlike DVDs which made an instant difference on any TV, it will only affect those who have HDTVs.
Not only that, but HVD is on its way.
I don't believe HD-DVD (which I presume you mean by HVD) has the same range of support as Blu-ray; largely because HD-DVD is easier to pirate (which means blu-ray has even more hideous DRM). Also the PS3 - as Sony intends it - could be valueable in raising blu-ray adoption as a relatively low-cost player. Universal Studios is the only studio the major six still exclusively supporting HD-DVD, and even that it's not an exclusive contract to do so.
Certainly I know a lot of people credit the PS2 with a similar effect for DVDs. (it's worth bearing in mind that ultimately, adoption is down to what is being made by the movie, etc, publishers - if DVD becomes sidelined as a format, people won't have so much of a choice. and, unlike the video-dvd change, AFAIK it's likely early blu-ray players will allow the use of DVDs)
although isn't the HDTV thing also an arguement against both the Xbox360 and PS3 as game consoles? (as the primary first-gen difference really is only noticeable on HDTV)
