AFAICS if you want to get a given amount of video at a given quality on a disc going for the best codec and the lowest tech storage which meets your goals is almost certainly the most efficient over all. Silicon is cheap, even with IP licensing. Using MPEG-2 is probably a roundabout way of justifying the use of lot of the technology in Blue-Ray ... they probably think that going for a more high tech media is good for their margins and gives them a longer lasting advantage over low cost competitors (more patent coverage).
BTW, Im still hoping for the dielectric lensing material from NTU to become an actual product. Basically you can make a flat lens from special dieletric materials, I know it sounds like magic, and since you can just put these on top of the recording layer of a disc you can get evanescent coupling of the focused laser beam. This allows you to get spot sizes below the actual wavelength of the light. Since it focuses the beam at the media you could just reuse standard CD-ROM drives, only the firmware would need a slight adjustment. If they can commercialize this, blue-laser technology will become a very costly joke (hell, I could see technology like this being bought up and surpressed ... it would make the next gen disc-storage market a commodotized one from the get go, no fat margins for anyone).