Depends how/where you view movies
I hear you. I still have a 200+ Laserdisc collection nicely put away in boxes from the 1990s. Also, have 400+ CDs, ripped with Apple Lossless. Threw away the jewel cases and keep them in sleeves in an aluminium case. Same with my DVD collection.
If you view your movies mostly on your living room <50" flat panel with HTIB type speakers, or on your iDevice of choice, you won't need Blu-ray.
I have a dedicated theater room in the basement with a 60" Plasma, soon to upgrade to a projector with dedicated 7.1 speakers and sound treatment of the walls. Believe you me, it's easy to tell the diff between 1080p Blu-ray with DTS-HD or True-HD audio and an HD download from iTunes at 720p with DD5.1
Not that this matters for your average dialogue heavy Drama or chic flick.
The "big" movies, with lotsa eye & ear candy are truly amazing.
Having said that, the industry is always evolving.
Google "2160p" and see what you get.
My Provider (Shaw) already offers 50-100Mbps speeds, so in theory, 1080p downloads would be feasible, but it's not the industry standard just yet.
In less than 10 years we'll have the iPhone's Retina display technology on 80"+ displays. Google "4320p" and you'll see that when UHDV or Ultra HDTV hit's the shelves, there will be a UV laser disc product to go with it, while iTMS will sell you the 10 year anniversary of Avatar in Blu-ray quality.
Point being, buy to enjoy now... nothing lasts forever and the industry will always entice us with "the next best thing".
Cheers!