I have to say that its gotta be the blu-ray for me..
I can rent my blu-rays from the local RedBox (a minute walk away) for $1.50. Even the blu-rays that I buy, I usually sell off the accompanying DVD and Digital Copy on the day of the release and as a result, the net cost of the blu-ray for me is sometimes free or I make money from buying the blu-ray combo pack, or at the worst I have to spend just about $1-2 out of my pocket. It is pretty rare for a blu-ray movie release in the U.S. not to have a combo pack release (except the older catalog titles). Also, you have the element of reproducibility with the blu-rays (if you own the blu-ray you can replay it any number of times). Throw in the Blu-ray 3D content (non-existent on streaming channels) and the HD 5.1 or even the HD 7.1 soundtrack on some blu-rays (as against regular DVD-quality audio, at best, over the other options), I think you have yourselves a winner. I am sure that most people would agree that the audio is an important aspect of the cinematic viewing experience. Finally, there is the satisfaction of actually being able to physically hold a product in your hand (with the original packaging, cover art, slipcover, etc.) and put it on display in your collection (incidentally stamping your ownership over the content), which cannot be said of all the other options.
DTH, CableVision, 'Pay per view' - Expensive options
Thankfully, my ISP doesn't cap my data download limit and I pay a fixed monthly rate for the service regardless of however much I download. But, I find the whole process too tedious (and I am sure that many people would also protest against the copyright infringements if you aren't streaming from a legitimate site) to be worth my while.
But having said that, with the speed at which we've been seeing new announcements in the HD market almost every day, I wouldn't be surprised if my answer changes in the near-future.
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