Well, as I understand it, there won't be any need to replace collections this time...just replace the machine you're using. The Blu-Ray machine will also play the older, standard DVD format we're most familiar with.
Unless, of course, you've already started snatching up HD-DVD's...then you may be replacing some eventually.
Seriously, I don't ever buy into the new gadgets and technology until the standards have been locked in for quite some time. It'll probably be at least another couple of years before we've fully switched over to the High Def craze.