Both proposals currently on the table attempt to define an entirely new, hybrid format made up from elements of the Blu-Ray and HD-DVD systems. In addition, both proposals try to include additional capabilities that would give proponents of the existing camps reasons to move to the new format.
Maybe our DVD future doesn't have to be 21st Century remake of VHS vs Betamax. Then again, after some of the stuff that's been said over the last year I wouldn't hold my breath.
EETimes.com - Two proposals seek to avert next-gen DVD format war