Hoyt, if developers aren't taking advantage of the hard disk even though pretty much every 360 has one, I doubt that they would start making blu-ray games for the 360. When the HD-DVD drive came out for the 360, MS said that they would never use it for games, so it will probably be the same if there ever is a Blu-Ray drive for the 360.
MS doesn't really need another SKU either. I don't really understand the people who buy another 360 just to have a hardware refresh. Yeah, it's disappointing that the 360 is so noisy, but I doubt that will change so much. Even if they quiet down the fans, they still have to have a high speed DVD drive and it's difficult to have those running at full speed and be silent. It's just not worth spending money on another console just to get a slightly less silent one. If you find it that bad, a simple trick is just to put your 360 behind the TV (if you have a flat one) and that alone will occlude a lot of the sound. Just live with it I guess.