That depends entirely on the bitrate. Blu-ray is typically perceptually lossless (humans can't tell it apart from the uncompressed original), but it's using much higher bitrates (up to 40 Mbps for BD versus ~10 Mbps for DVD) and a much more efficient compression algorithm than DVD did (h.264 versus MPEG-2).
The point of a new codec is that it can either provide higher quality at the same bitrate, or the same quality at a lower bitrate. How that reduction in required bitrate is actually used is up to the person doing the encoding. A cable or satellite company could use it either to increase the quality of their existing feeds, or to fit more channels into the same amount of space.--
Developer: Tomato/MLPPP, Linux/MLPPP, etc »fixppp.org