Brace yourself for the Bag of Hurt.
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Jobs say that licensing blu-ray was a bag of hurt. That is substantially different from saying that the technology doesn't have value for the customer.
Since the licensing has been streamlined. Not sure how this flow
http://www.blu-raydisc.info/license_app/license_flow.php
is a bag of hurt. Sure there are a number of forms to fill out but Apple had to fill out how many forms to get Phones approved by several dozens countries? This is just once for worldwide.
Or really about securing the audio/video decode stream to the display? (which Windows and other OSs have finished implementing for a while now.) Apple has gotten over a year of breathing space to get stuff implemented. Blu-ray's adoption rate is on track with that exhibited by DVDs and CDROMs in the past. It has matured at this point so that Apple takes on minimal risk by adopting it.