BlkPaladin, going with what you said earlier, I think there will always be a need for multiple disks. Developer creativity can go quite a long way, and in order for all of the content to be realized (that is, all the content the developer feels is necessary to the game), a heck of a lot of space is required.
Blu-Ray has been around for some time. Had ordinary DVD's never become so popular, Blu-Ray would've surely become the media standard. DVD's still remain, mostly because there hasn't been that big a demand for better-quality movie presentation, and because of the dual-layer format addition. Nevertheless, it's pretty much a given that technology will keep on being upgraded, and that certain products will be surpassed rather quickly. So, it won't be long before Blu-Ray finally replaces DVD's.
The question is, where will Blu-Ray strike first? Will it establish itself in the movie industry, or the gaming?