Is BluRay a good medium for games? Theoretically yes, practically- no.
Theoretically: BluRay has more storage space, thud better handling HD content.
Practically: Slow access speeds and RAM concerns pretty much nuke any advantage and as we've seen result in not-so-HD textures becoming prevalant, except in the case of loading pre-rendered video a la JRPGs, perhaps. So those games are the only ones who will really take advantage of BluRay.
Theoretically: BluRay is scratch-resistant, and a future-proofed technology due to its focus on HDMI and (etc).
Practically: BluRay players cost 2x as much, BluRay discs are more expensive, HDMI delivers virtually nothing Component cables don't unless the movie industry implements the (CTR? DTN? I ahve no clue) flags, in which case the only difference is that Component would then be limited to 1080i output. Whoopie.
Theoretically: Developers can make better high-def experiences by using BluRay's greater storage.
Practically: Nobody's really using that much space (or if they are, they're Resistance and they're only using it because they can- compare to GOW), and nearly all developers could make the exact same game load faster and ship for cheaper developing on DVD instead of BluRay- even on the exact same PS3 hardware.
So disregarding the state of PS3 (which you can't, because Sony's the one pushing that connection, mind you) BluRay still isn't the best medium. It's still more expensive, and there's pretty much no need for it.
Is it "future-proofed"? Sure, but so is printing games on two discs, which worked fabulously for PlayStation in the past.