Lucas waited quite a while to release the original trilogy on DVD only to of course re-release it again with the non-anamorphic original cuts. I would guess he'd do the same and wait for the installed base.
As for the Matrix, it's scheduled for May 22 on HD-DVD and probably for the holidays on Blu-ray. The reason is the interactive component. The development tools for HD-DVD have been there since launch and were much more sophisticated than BD-J (Blu-ray's Java-based development environment). BD-J has gone back to the drawing board at least three times. This is one of the reason some Warner releases are only out on HD-DVD (like Batman Begins) since they are waiting to include the new features on the Blu-ray release when they can.
One of the things to worry about regarding the "neutral" studios is the effect of this delay. For example, Warner will be releasing Blood Diamond shortly on Blu-ray with the HD-DVD release almost a month later, but with far more features:
http://www.highdefdigest.com/news/show/Warner/Disc_Announcements/Warner_Brings_Blood_Diamond_to_Blu-ray,_HD_DVD/583
I look forward to an all-six Star Wars Blu-ray release (with nine films total, the original cuts in 1080P) but really can't guess how long that wait will be.
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