uncompressed full HD video is awesome and its got plenty of storage capabilities.
Blu Ray has been good for one thing and one thing only: gaming. Other than that, it hasn't had much use anywhere else. Blu Ray as a movie format has been successful, but compared to DVD, it's not that successful. Blu Ray has been on the market for about six years now and yet a lot of people myself included still buy DVD's and you still have a lot of new stuff out there that is making it to DVD before Blu Ray. When looking at DVD when it was six years old, VHS was on it's deathbed while most of everything everyone bought was on DVD. The HD is nice, but the value and need for someone to replace their entire DVD collection simply isn't there. Also, what about the PC market. You don't see PC's that support the Blu Ray format, even companies like Apple who was on the BDA. It's no surprise since it isn't really that necessary as a disc format.
Blu Ray was a format that was dead on arrival. It couldn't have been released earlier because DVD was still too new and too strong. It was still released too late since discs are slowly being wiped out in favor of digital distribution (I do believe that in a few years, Blu Ray will not be the #1 format for movies), which is why I still say the gaming at least for right now is where Blu Ray needs to be.