Both formats promise the sun, moon, and stars—or at least compatibility, rewriteability, and over 4GB of storage per disc. Andy boils it all down for you in his look at where the competing standards stand now. Some of the relevant details about how they're planning to handle copy protection and the like are interesting, and this just might be the immediate future of removeable optical storage. And maybe even the death of the floppy drive.
We can hope.