Ah, man! Now I'll have to continue not giving half a care about Xbox! That's tiresome work, man!
I suspect that Microsoft isn't going to make stupid mistakes of this magnitude. We've seen isolated cases of always-online mechanisms and it's been met with enough vitriol to melt a small moon. While I wouldn't be completely shocked, I doubt that's going to happen. Blue ray almost certainly is, but that's not exactly a big deal. The loss of the used market for the entire system, rather than just certain developers, will likely cause too much uproar to consider as well.
In other words, exactly what the majority of people seem to be saying so far.