Why would you buy into a format like Blu-Ray when it's such an obvious technological dead-end? When DVDs came out, they were so much better than VHS, that people pretty much switched over when the price got low enough for them. But with the Blu-Ray, the advantages are much subtler, you really need HDTV (which already excludes a big chunk of the market), and DVD quality is good enough. And with the HD-DVD/Blu-Ray format war, I think many people who might have adopted Blu-Ray sat on the sidelines waiting for that to be settled. By the time Blu-Ray finally emerged victorious, it seemed pretty clear that it was already obsolete.
Sure, there are a lot of problems with online video services right now, and the quality is not as good as Blu-Ray. But physical media is obviously going to be replaced by online video in the near future, and the quality and selection problems will work themselves out with scale. So unless you're not bothered buying into something only to throw it out in a year or two, I can't imagine adopting Blu-Ray now (and if that applies to you, you've probably already done so).