Is Blu-Ray here to last, or is it destined to fail?

I've been on the fence for the past few years about buying Blu-Ray discs, versus "old fashioned DVD".. In my head, I guess I fear that at some point, they're just going to dump the Blu-Ray format and stick with DVD's..

For the record, I do own a PS3, so playing them isn't an issue. I just want to make sure that buying BR discs now, i'm not screwing myself for the future!

What does Reddit think?