Dont be so sure Blu Ray is going to win. At the moment it could go either way, or we may finish up having both.
Both systems have advantages and disadvantages.
HD DVD is very similar to current DVD, so the people that produce the DVD films can switch to HD DVD much easier.
But Blu Ray disks can hold more data than HD DVD.
As has been said, Sony plan to put Blu Ray on its PS3, but Microsoft plan to make a HD DVD player for its XBox 360.
As has been said, this is emerging technology and I would do NOTHING with either for at least a year (unless you get one included with a PS3 or XBox 360).
By then the players (and recorders) will have come down in price, and the disks themselves will be cheaper.
Also the technology will have stabilised and it may be easier to make a decision on what to buy in a year or so.