A good Blu-ray disc transfer can be quite impressive, but then so too is the experience on HD DVD when the job is done right.
Personally I'm still a bit sad that Warners has abandoned the HD DVD format in favor of Blu-ray exclusivity. In the past the HD DVD releases that Warners -- as an example -- had done were many times far better than Blu-ray, with lots of neat extra features that Blu-ray didn't yet support and for some users may never support because the Blu-ray specs (actually they are called profiles, with at least 3 different profiles involved in Blu-ray players you could find on store shelves at this point, Profile 1.0 - the most basic spec, no internet, no picture-in-picture features; Profile 1.1 - requires support for picture-in-picture features; and profile 2.0 that adds internet connectivity on top of the Profile 1.1 spec).
It does seem like Blu-ray is going to be the winner though, and eventually we'll see most everything we would ever want to, or hope to, buy available in that format. In a few years we'll look back at the early days of these new toys and think of how expensive they are, and how much they've come down in price in the time since.
Hopefully those of us that have bought early will enjoy them a lot.