This is the way I look at it:
I paid a lot for my HDTV, my surround sound system, and my PS3. I will just wait until a movie comes out on Blu-Ray, wait for it to be uploaded as a bit torrent then download the Blu-Ray version for free, and then transcode/mux it with a program made so Blu-Ray files will play on the PS3 just like it is a disc. You can't even tell the difference between a 1080p h264 Blu-Ray file and the same movie on Blu-Ray disc.
If I do like a movie enough to own it, I then will go buy it on Blu-Ray disc. Blu-Ray files are too big to permanently keep because they can average anywhere from 4GB-12GB a file.
The only time I will go to the movies is when it is some cool action flick that I just can't wait for and would be better on the big screen anyway. There are some movies that just are not as good at home as they were at the theater. I just discovered that "The Dark Knight" is the most recent example of that.