Blu-Ray and HD DVD

I want to upgrade my dvd player and there are a lot of nice choices out there right now. However, I'm concerned that whatever I buy now will be obsolete in a few months when blu ray (HD DVD?) hits the market. Am I missing something or is now the time to wait instead of plunking down serious cash on a player that isn't HD compatible? Also, am I mistaken in thinking that blu-ray = HD DVD?
I throw my bet on a combined product solution. Either the players...or...the discs.

AT CES I thought HD-DVD had the more impressive marketing roll out and the product was excellent. Several HD-DVD player prototypes were out for viewing as was a demo of HD-DVD of "I Robot". I thought HD-DVD would win out until Apple signed on with Blue ray...

Unless they come up with a combined solution they could in theory both lose out. WE'll see.

Wonder how this will effect Netflix pricing
Dawgbyte, Albert posted this info about Blu-Ray:

While current optical disc technologies such as DVD, DVD±R, DVD±RW, and DVD-RAM use a red laser to read and write data, the new format uses a blue-violet laser instead, hence the name Blu-ray. Despite the different type of lasers used, Blu-ray products can easily be made backwards compatible through the use of a BD/DVD/CD compatible optical pickup and allow playback of CDs and DVDs.

It will be compatible with the current DVD's you own. Nothing sinister going on here just "progress":-)
I read that although it seems Blue ray might be better as far as compression goes, it probably will end up being a victem of either bad marketing or hollywood politics, like DIVX and BETAMAX.
Not sure how many people here are into gaming cosoles, but E3 (CES for the videogame industry) ended last week. A few things were anounced, such as news about the PS3. For those who did not know already know, all games for it are going to be based on the Blue Ray medium with a video output standard of 1080p. It's also going to play SACD, so the unit might have some effect there as well.

On the other side I remember reading that XBOX360 is going to use HDDVD, but I can't find the article where I read that, so I might be wrong. However, it's standard resolution is HD also, but only 720p I believe. There was an artile TIME that probably clears this up, but I haven't had a chance to read it.

Just adding some fuel to the fire...

FWIW, I just read on CNET that Iomega has suggested that they may be capable of producing an 800 GB DVD disc.