I have about 20 D-VHS titles, around 30 HD-DVD titles and I just started building a Bluray collection (6 titles now, anticipating a whole lot more and a PS3 come Christmas).
I also have an archive of about a Terabyte-and-a-half of HD movies/content on HDD that I've recorded off of E* (and that's growing by the week).
If the selection of (good) movies on the HD disc formats expands greatly in '08, I might consider re-activating my Netflix account--but as it stands now, its too limited a selection. Good flicks bear repeat viewings and I'm (obviously) a movie nut & a collector. Until then, I can use my Xbox or my (soon to be installed) 722 to do HD VOD for one-off viewing.
For the vast majority of consumers (casual viewers/non-collectors), though--I recommend rental/VOD as much as possible until this stupid format war ends.
This all follows on the heels and contrary to my stance w/ DVD (of which I have a collection of 350+, in a juke, accessible via Slingbox)...but that was a unified format and a true quantum leap from the analog format forebears.