But there's a problem. There are two competing high definition formats, so if you buy a new "hi-def" DVD machine and it's not the right format, you may wind up with a unit that won't play some of your favorite movies.

It's the old Betamax versus VHS war all over again.

Remember when there were two kinds of video recorders? Yes, way back when, you had a choice between a Betamax and a VHS machine. When you went to the video store, you could find movies on both Beta and VHS versions.

Eventually, VHS captured the market, and those of us who invested in Beta machines were out of luck -- beta machines can't play VHS tapes!

Now, there's a similar situation going on with Hi Definition DVD players. "Hi Def" discs give you better sound, and better picture. But there are two competing formats: Blu Ray and HD DVD. And they're not compatible. Yes, history is repeating itself again.

And to make matters worse, the movie studios can't agree on which format to support. That means you'll have to choose a format, or sit on the sidelines until this format war plays out.

For instance, Disney wants the next Pirates of the Caribbean released in Blu Ray. But Universal wants Bridget Jones to fall in love again on HD DVD.

One format is sure to overtake the other -- just like VHS overtook BETA -- which means if you choose the losing format, you could be stuck with an expensive DVD player that can't play any of the movies at the video store.

Analysts say if the movie studios can't agree, it could cut their revenues in half. So they have a compelling reason to reach an agreement. But a lot of money has already been invested in developing two technologies and a lot of Hollywood egos are involved here, so there's no telling how this one will end. Of course, studios could eventually decide to produce Hi Def DVD in both formats!

But one thing's for sure, if you want these new high definition movies, you will have to buy a new DVD player. You can't watch either Blu Ray or HD DVD on current DVD players.

The good news is: these new machines are what's called backwards compatible. That means they will play the DVD movies you already own.

If you don't want to buy a new DVD player, the movie studios will keep making the DVDs in the current format. But sooner or later, you can bet, all movies will go to the high-def format (either Blu Ray or H-D) the same way record albums were replaced by cassettes, which were replaced by CDs.

The industry will try to phase everyone over to the new technology.

So eventually, you'll probably have to buy a new DVD player. The big question for consumers is going to be -- which format? If you don't want to risk buying the wrong kind, you'll just have to wait it out.