Most videophiles will admit Blu-ray is not noticeable under a 40 inch screen when viewed from living room distances.
BD 1080p quality is very noticeable on a 13" screen - when that screen is attached to the keyboard that's under your fingers.
As far as sound quality goes - nobody expects lossless 7.1 when they're listening via headphones on the airplane.
Having seen bluray on a sony laptop it didnt seem "very noticeable" at all. Im not a videophile so even though I have 20/20 I must be missing something.