What a dilema?

link removed by me.

Legality aside, just reading the article pplchamp posted I'd say

1) just keep the HD-DVD discs, if your HD-DVD player dies and you can't get a new one at that point then buy them in blu-ray as the cost would most likely be cheaper or comparable and your quality is probably going to be better on the officially pressed disc.

2) if you really don't want HD-DVD discs and a second player, follow #1 from the assumption that your player died. Titles you can replace now sell off on e-bay (or trade in to the company as I think there was a post about being able to do that for some titles) since there will still be people that use them. The rest I would probably say just stick it out with HD-DVD or use option 3 below

3) additionally you could always just rip them to a hard drive and then play them over a media PC then you don't need to worry about the player dying.

now taking legal issues into consideration, it probably technically isn't legal if you need to bypass encryption. and if it is under the guise of backing up to another format, then you'd have to keep the HD-DVD discs because if you got rid of them then you could no longer legally have the backup.