yeah, this isn't exactly a regular DVD.
anyway; the idea of blue ray is that a blue laser has a smaller wavelength, so it uses less space to read and write data on the disk.
This is the newer technique:
The process involves shooting two different wavelengths of light onto the recording surface. The use of two lasers creates a very specific image that is sharper than what current techniques can render. Depending on the color (wavelength) of the light, information is written onto a disk. The information is highly compacted, so the disk isn't much thicker. It's like a typical DVD.
The challenge scientists faced for years was that light is also used to read the information. The light couldn't distinguish between reading and writing, so it would destroy the recorded information. Belfield's team developed a way to use light tuned to specific colors or wavelengths to allow information that a user wants to keep to stay intact.
It won't compete with blue-ray. At least not yet; it'll be at least a few years before it reaches the market, if it even does at all.