While they make a valid point, BlueRay and HD-DVD are still too far out for serious consideration. The players are not expected until the second half of this year, and recorders are more than a year away. Thus, timewise, you may not want to wait. In addition, the cost of the recorders will be rediculus for the first year or so. I read the other day that a burner for your computer would probably range around $300, compared to the $80 for the average DVD burner today. DVD recorders normally go for $250+, so expect to find BlueRay/HD-DVD recorders to start off with a 'low' price of $500 or better. Finally, the storage would be good for backing up your computer (take just two or three disks for the entire hard drive), but unless you have an HDTV and HDTV service, you wouldn't need that amount of space for recording TV shows and movies.
Personally, I'm going to hold off getting a burner for my computer until the price reaches a reasonable level and blank media becomes widely available. As to the recorders, I have no need until I go HDTV, whch will be a few years off yet. (I'm satisfied with the quality I have now.)
As to using your VCR, I'm assuming you mean copy a DVD to VHS. Aside from wondering why you'd want to go from digital to analog, there wouldn't be a problem unless the DVD is copy protected, in which case you cannot duplicate it, period. (Legally speaking, that is.)
Hope this helps,
John