If the movie industry distributes content on Blu-Ray and not on HD-DVD, then HD-DVD won't win. But that doesn't mean Blu-Ray will.
I expect a lot of customers, ESPECIALLY those with high-definition sets, will remain perfectly happy with their current DVD players and see no reason to upgrade to Blu-Ray.
I suppose if movie companies wanted to stop releasing stuff on DVD, they could, but I really don't think that's likely to happen as long as customers want to buy movies in that format.
I bought a betamax when they came out and the quality and slow speed was a lot better than VHS. I think VHS won because it went 6 hours instead of 4 1/2 hours on beta.
I expect consumers with HDTVs will make a gradual transition to the high-definition discs over the next decade, especially after the old analog broadcast frequencies are shut down in 2008 or 2009.
I'm rather surprized how fast DVD will be eclipsed. CDs had a 20-year run, and their main competition (for now) is iTunes.
I'm further impressed that no cartridge or caddy will be needed. Supposedly, they're just using a harder plastic on the disc's surface.
Since DVDs are certainly sufficient for most people, I'll bet that Blu-ray will be adopted mainly for data storage. Movies will instead be streamed or follow an On-demand model.