HD-DVD and Blu-Ray have a new rival -- New Medium Enterprises's High Definition Versatile Multilayer Disc. HD VMD makes use of a red laser and multiple layers to maximize storage capacity.
Check out this article:
Third format to enter high-definition DVD war.
And, here's the website for New Medium Enterprises, the company who's developing VMD.
I think the current battle between HD-DVD and Blu-Ray has created enough of a mess. Do we really need another format to add to the confusion??