I love Blu-Ray movies and I think it was a wise decision for Sony to include it with the PS3 for a variety of reasons, however in an age when things are going more and more digital I question how much the Blu-Ray drive has actually helped in the long run. Obviously there are advantages to having that much storage space since it potentially means more variety in the game assets, but it's also a bit of a bottleneck since the PS3's drive is on the slow side, and all that data takes a long time to load up. Discs are becoming less and less relevant to the game market since many games support full installs, and when a game installs completely onto a system's HDD it ideally will not take up a very big footprint.
The PC gaming space has not even experimented with Blu-Ray gaming, because discs are seen as a dinosaur to that platform now. Many people just throw away their PC game DVDs once they get the CD key since they can download the game onto any PC they own once it's registered, and usually you can't play the game without registering anyway thus makign the disc itself nothing more than a retail manifestation of the CD key. Even if services like Steam aren't going to become mainstream for game consoles any time soon, full or mostly full game installs are becoming increasingly more common since they speed up load times, and it's sometimes quicker to install multiple DVDs on an Xbox 360 than it is to install one Blu-Ray game on the PS3.
I think that Blu-Ray is great as an entertainment medium for movies and I think it should be a standard feature for next-gen consoles much like DVD was last gen, but at the same time I don't really see it as having a very big impact on game development in the long run. It's good for movies since you can watch a 1080p movie with almost no compression artifacts, but for games I think that developers will continue to strive for smaller HDD footprints instead of loading up their games with additional textures and lossless audio files, particularly since this makes their games more viable for the growing downloadable market.
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