It's really fascinating to me to read the various viewpoints regarding the necessity and value of HD discs versus standard-definition DVD. Yet as trite as it may sound, it really boils down to one's personal taste and priorities. While the objective quality of HDTV versus standard definition is easily measurable, the value of one format over the other is clearly subjective.
I'll readily admit that I'm a long-time early adopter, so you can guess where I stand regarding the new HD disc formats versus standard DVD. I'm also one of the first people I know who had hands-on experience with LD, CD, mp3, DVD and HDTV. In each case, I made sure I knew exactly what the strengths and weaknesses of each format was before I bought. I try really hard not to make uninformed decisions when it comes to consumer electronics. I even build my own PCs so that I get EXACTLY what I want out of my computer. But despite my fanaticism I've never begrudged my friends who decided to wait until new formats became mainstream. Depending on your financial situation, it's often the prudent thing to do. I only really take offense when the "wait till it's cheap" crowd behaves like they're somehow smarter than those who jump in early. They seem to be under the delusion that the format got cheaper BECAUSE the waited. As if, by not buying, they forced the electronics companies to lower their prices. This displays a fundamental ignorance of the economics of consumer electronics. News flash: DVD players didn't get cheap because you refused to buy. They got cheap because every person who bought one before you lowered the cost of production enough to justify it. It's called economy of scale. You want to know what happens when EVERYONE decides to wait? You get elcassette, digital cassette, CED video disc, DAT and MD. Formats (some of them technically brilliant) that either died off completely or became niche products.
Ripping on early adopters is both ill-informed and ungrateful. Do early adopters take risks by buying in early? Yes they do, but it's a calculated risk. But don't think for a moment that they do so ignorantly. I guarantee you that most of them know more about what they're buying (both in terms of technology and market viability) than J6P ever will. It's the nature of the beast. They're also more likely to appreciate the value of HD discs (HD-DVD or Blu-ray) because they're the ones with the tweaked-out big HDTVs in the first place. If you see an HD disc on a properly set up screen that's measured in feet rather than inches, it IS worth it.
Which brings us to the issue of how good is good enough? As stated earlier, some of the opinions on this thread are based on misinformation regarding what really constitutes an HDTV picture. The first thing to understand is that "digital" is not synonymous with HDTV. DVDs are digital, but they are limited to 480 lines of horizontal resolution. VHS had around 240 lines. HDTV is capable of up to 1080 lines of resolution which, percentage wise, is an even greater jump in video resolution than going from VHS to DVD. Whether this is visible or not depends on several factors including the quality and size of the display, the average viewing distance from the screen (which determines overall field of view), and how accurately the display is set-up. This last point is no less important than a properly tuned performance car when it comes to getting your money's worth. If properly set up, HD-disc movies can actually exceed the perceived quality of a theater presentation, especially when you consider that the projection systems in many movie theaters are atrociously maintained.
Do you make it a point to avoid seeing movies in specific theaters because they look and sound like crap? If so, you are making a subjective decision that the presentation in that theater is not "good enough," even though the difference in quality between the shitty theater and the premium venue is almost certainly smaller than the difference between standard DVD and HD-DVD or Blu-ray. Why then, is it such a stretch to believe that some people may want to make the same choice in their own home. Is it conspicous consumption? Sure, but there are people who would argue that so is having a $8 hamburger or an $6 bottle of Belgian beer, but I have friends who scoff at buying an HDTV who do both all the time.