Basically the change just affects how local TV stations send their signals over the air. If you don't get your TV through an antenna in your house, it won't affect you in the least.
As for Blu-Ray, yeah, it was the technically better format, but I was rooting for HD-DVD because I wanted Sony to lose another format war. Turns out movies are the one area where they actually have enough market share to force their hand. Also, the name comes from the fact that it uses blue lasers to read the discs because 1) Blue has a narrower wavelength than red and thus tighter beam so it can pack more data into a given area, and 2) the future is blue.
For some reason I'm craving a blu-ray player now even though I think the PS3 is an overpriced piece of cramware. I definitely don't want to have to rebuy my DVD library again. I think it's because I recently got my new HDTV and want to use all those schmancy DVI cable ports on something. Right now my XBox is the only high-def source I have in the house aside from what I can get via antenna, and damn are those PBS ballroom dancing shows getting old...