MacRumors, via a user in their forums, is reporting that iTunes 8.2 could have some Blu-Ray functionality? Check out their post for details.
Steve Jobs famously called Blu-Ray licensing a "bag of hurt" when asked about it previously, but there's been some chatter to suggest licensing has been somewhat de-hurt-bagged recently. Still, Apple hasn't announced any first-party Blu-Ray hardware, so we're not sure what to make of this at the moment.
In any event, unless they start including iPhone-friendly "digital copies" for transfer directly from the BD disks, it won't change things for our mobile devices anyway.