So, now that you can buy and rent HD video content from your computer using iTunes, is it not a logical step to want to view your HD content on your HDTV? Given, one can do that if you’ve got a Mac mini home theater system or an AppleTV, but what if you just have a good ol’ BluRay player? I think that the best thing Apple could do to introduce BluRay to the Mac is to allow burning HD video to BD-R discs in iTunes.
When iTunes music was still DRMd, you could burn it to an unencrypted audio CD and still play it on your stereo. With the plummeting costs of BD-R drives, and relatively low cost of BD-R media, I think that now would be a fantastic opportunity to allow the conversion of the video into a (maybe even still DRMd) more usable format! Given, most of us would prefer a non-restricted format, but most folks are just looking to play their content in a format they have easy access to. Audio CD is one format. BluRay is another.
I know that licensing these things is a pain in the anus, but I believe Apple could own the market in downloadable-to-BluRay video, and it should not be underestimated.