So while the marketplace struggles to get to grips with 50 Giga Byte Blu Ray discs a couple of bright chaps from our local Swinburne University are receiving substantial international accolades for their Optical disc technology that offers up to 7.2 Terabytes of storage.
James Chon is a nano particle specialist at the University whose team has developed a system of polarised low power lasers to store unprecedented amounts of information on a DVD sized optical disc.
Now it took roughly 15 years from inception to production for Blu Ray by my reckoning, so throw in a bit of Moore's law and we should be able to have 3d HD movies with full sensory (motion and odour) say by 2020 ...

"DVD's to harness hyperspace" Nature May 20th 2009.