I'm sure that holographic storage will some day replace Blu-ray/HD-DVD, but this is more hype than anything else.
HVD is the name of a holographic disc format being developed by a Japanese company called Optware Corp. The 1TB size claimed is what they expect to be able to store with future developments of the technology, so don't get your hopes up. They plan to introduce 200GB discs for enterprise users in 2006, and cheaper versions in 2007-2008. Apparently the first drives will cost $20,000 and the 200GB discs will cost about $100, so I don't even think that enterprise users will be interested. Here's a few links with more information about the technology:
Japan's Optware Advances Holographic Disc Storage:
http://www.computerworld.com/hardwar...,95446,00.html
Optware's Press Release:
http://www.optware.co.jp/english/what_040823.htm