Wired has a how-to on converting your HD-DVDs to Blu-Ray. You'll need a fast Windows machine, a HD-DVD drive, a Blu-Ray burner, 30-40GB of available disk space, a whole bunch of software, and a whole lot of patience. But check your costs first; you may be able to just buy a Blu-Ray copy of the movie cheaper than you can buy a blank Blu-Ray disc ($15-$25 per blank for single-layer write-once media; dual-layer writeable Blu-Ray discs aren't available yet).
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Don't feel like you have to burn rubber on the way to the store to get a shiny new Blu-Ray player, either. I'd wait a few years for the platform standard to stabilize (translation: for Sony to lay off the creeping featuritis) and player prices to drop. Expect to see a lot of movies released on dual-format disks, too — a DVD layer and a Blu-Ray layer on the same disk containing SD and HD versions of the same movie.