Our old collections have not become obsolete.
Yes they have. Do you really watch non-HD content in 2012? Geez. It it cold back there in ancient times?
That said, Apple needs to swap the ODD out for a Blu-Ray drive. The "stream only" future might happen eventually but it's FAR away for the time being, considering that the vast majority of the civilized world is subject to really crappy bandwidth caps. Hell, even in the U.S. I'm capped now with AT&T fiber. In countries like Canada and Australia it's even worse (newsflash: the U.S. is not the only market Apple is concerned with).