There's a lot of confusion - MPEG-2, when given room to breathe, is just as good as the other codecs.
The reason HD DVD doesn't use MPEG-2 is because it only has 36.55 Mbps bandwidth, whereas Blu-ray has 54.825 Mbps.
Blu-ray's video data alone can reach 40 Mbps, leaving 14+ Mbps for audio alone. A 24/28 5.1 PCM track, like the ones found on BVHE's releases, runs in between 6-7 Mbps.
Paramount used AVC/MPEG-4 for their HD DVD release of Babel. They used MPEG-2 for the Blu-ray release because they knew the bandwidth headroom would allow them to do so. MPEG-2 encodes can also be done in real time.
Microsoft appears to be doing all of Universal's encodes, which is why they're using VC-1.
Warner uses VC-1 for both its HD DVD and Blu-ray encodes.
OP - most discs should tell you on the back which encode is being used. Fox's also give the bitrates.
Disney experimented with VC-1 for their Blu-ray release of Flightplan, but have since been using AVC/MPEG-4 for all their releases. They have been setting the standard and if you average out all the reviews from High Def Digest, Home Theater Forum, DVD Talk, Upcoming Discs and Home Theater Spot, you'll see that Buena Vista leads the way in both PQ and SQ over all the other studios across both formats.
Warner is the only studio currently using VC-1 for Blu-ray.
Sony will be re-issuing The Fifth Element on Blu-ray on a BD50 discs having cleaned up the master print. They know it was not a good encode and has nothing to do with the format or the codec used. There is word they will be offering a swap program for anyone who owns the BD25 version to trade it in for the new one.