I'm a big Blu-ray fan, and I personally stopped buying DVDs a couple of years ago and started saving up for HD discs - whatever was coming along.
Since both HD DVD and Blu-ray are on the table, I made a choice based upon which format I thought would be most likely to win. Since HD DVD has the more limited studio and consumer electronics support, I picked Blu-ray.
But, technically, when it just comes to playback, the two formats are virtually identical. They both support VC-1, AVC, and MPEG2 playback, they both support HD audio codecs. Blu-ray has more storage capacity per layer, and HD DVD has some interactive features that Blu-ray can't match at this time.
Since Toshiba is pretty much driving HD DVD, they have been willing to subsidize players - which they may or may not still be doing. This has really helped them land quite a few customers which might have otherwise held off on a purchase.
The flip side is that Blu-ray pricing has remained fairly high for all manufacturers, but Blu-ray has a far greater selection of players from difference CE manufacturers - and as prices fall, this will still greatly impact exposure to the product.
Of course, the PS3 is still the 10,000 pound gorilla in all of this and has significantly affected the format war when released. It isn't a long term fix, but does expose a lot of people to the Blu-ray name... and all reviews indicate it to be one of the best Blu-ray players on the market. Kind of a safer bet considering it does both the gaming and playback - and a great job with playback.
At the end of the day, there are fans of both technologies, and a lot of questions about whether or not either format will make it. The more things go on, the more it seems like Blu-ray does have the upper hand, but it doesn't necessarily exclude HD DVD. If we do end up with dual formats, we may be forced into two players - and buying discs on the right format.