What is the future of HD TV and HD movie recording and playback?

It seems that we are about to make all old TV recievers and DVD recording obsolete. Sounds like we have entered a new Beta vs VHS conflict that will have only one winner at the expense of the public investment in equipment that will not become the standard. What will the standard be? When will it fall out? Will it become something completely different than the new formats? Will any equipment do both formats or even need to?