With 27 GB on a single layered and 54 on a double layered BRD,it seems that it will settle the storage issue for some time to come.
The main reason why this had to come:
None of us want to watch movies with a bad print, do we?.A current, single-sided, standard DVD can hold 4.7 GB (gigabytes) of information. That's about the size of an average two-hour, standard-definition movie with a few extra features. But a high-definition movie, which has a much clearer image (see How Digital Television Works), takes up about five times more bandwidth and therefore requires a disc with about five times more storage.
Why the name?:
The Blu-ray name is a combination of "blue," for the color of the laser that is used, and "ray," for optical ray. The "e" in "blue" was purposefully left off, according to the manufacturers, because an everyday word cannot be trademarked.
A little peek into the history:
With the launch of HDTV sets it was imperative to have an inexpensive and commonly accepted medium to record and play HD content. Infact the only way was through JVC's Digital VHS and Sony's HDCAM. It was known for long that using a shorter wavelength laser would enable a optical device with higher density When Shuji Nakamura invented practical blue laser diodes, it was a sensation, although a lengthy patent lawsuit delayed commercial introduction. The first consumer devices were in stores on April 10, 2003. This device was the Sony BDZ-S77; a BD-RE recorder that was made available only in Japan. The recommended price was US$3800.
BRDs vs. DVDs:

More to come people keep looking here....
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