The battle's been going on for some months now and many in the IT world were starting to compare this to the Betamax and VHS battle in the 1980s, which VHS won, not due to technical superiority (no that was down to Betamax) but purely on price.
Has the battle been won? Probably more like conceded. Speculation has it that Toshiba (developers of HD-DVD format) are pulling out of the next generation DVD, which now leaves the way open for Blu Ray. There really was nothing left for it, Sony were already putting Blu Ray players intheir playstations, and the movie studios were weighing up their options and some had already gone for the Blu Ray format.
With Blu Ray as the only one left we should look an and hope that price of these devices fall in the near future as the volume in manufacturing starts to increase.