Before this is over, I'm going to have to buy one on ebay just to say that I owned one in 5 years
. But seriously, that's an amazing deal. If they can come out with some ripping software for the PC (not sure if it's out, yet) then you could convert it to a common format, then burn it back to a blu-ray disc, or you could just play it on your PC.
It already exists. AnyHDDVD (for both Blu-Ray and HD-DVD ripping). There are people who have ripped from HD-DVD and burned them to a BD-R and are watching them on their Blu-Ray players. The process is a bit complicated at this point though.
Nope that was one of the big selling points of the format. So there are titles in Europe, ect. that you can pick up on HD-DVD that are Blu-Ray exclusive here in the states. Admittedly there are pretty spendy but for that odd "gotta have it title" it comes in handy. If you live in the UK/Europe though this is a huge benefit since you can pick up titles from here in the US at approximately 1/3 the price of a Blu-Ray title over there.