Blu-Ray, The End of DVDs, or just HD Dvds?

They are going to quit making HD DVD because Blue Ray beat them out. Now however, regular DVD's will eventually phase out too. As far as I know the blue ray players will be able or currently are able to play regular DVD's it is just not compatible the other way around (in other words you won't be able to play Blue ray on your current DVD player, but you will be able to play all the DVD's you currently own on a blue ray). Only difference, One will be high def, the other will not