We are all het up about this being a Sony format, aren't we ??
Yet everyone seems happy with DVD - which was a Sony format, albeit in conjunction with Phillips. The failed media around is vast - LaserDisc, VLD, Video 2000, BetaMax, DVD-A, SACD, MiniDisc, UMD, VCD, S-VCD, Video 8, Super 8, S-VHS, D-VHS and not all of them made by Sony.
Also, the take-up of DVD wasn't nearly as quick as people seem to think. It was released initially in 1997, a time when us early adopters paid around £500 for a player. Most people didn't get involved till we hit the new millenium. At the same time, the same happened with VHS, the price dropped through the floor when the shops realised they could make a better margin on the new format.
The only true point that people are making, is that it does require a new TV and people aren't going to be interested until they upgrade. At which point, most people will want hi-def content for the new purchase. Players are coming down in price, Samsung's BD-P1500 can be had for ~£160 and Sony's 350S can be had for ~£200, in comparison to the price of players at this point in the DVD time-scale, that is a bargain.
Finally, anybody who thinks that downloads are the way forward is deluded and is presumably also one of the few with a fast net connection. The only downloads available to most are through X-Box Live!, where you can get a 720p image and stereo sound - why would I want an inferior picture and sound, when i've spent all that money on a decent home cinema set-up ??
Bottom line, it's a new format and it will take 3-5 years to bed in, much like every other new format and then people will wonder what all the fuss is about. I still remember being toldm when buying a CD player in 1986, that it would never catch on, something I was told much the same in 1997 when buying a DVD player.