Let's see...
Capacity: BD wins with 25GB/layer and support for at least 4 layers/side vs. HD-DVD with 15-17GB/layer with up to three layers each side possible so far (technically speaking, they're not on the market yet). BD is also not even close to saturation point with data density per layer due to blue laser having much higher frequency than red laser. All sorts of added features are possible due to this in the future like even higher data density per layer and/or greater data redundancy. There's no point arguing over this, BD clearly wins.
Disk Durability: BD wins with all disks coated with protective coating innovated by TDK. While HD-DVD disks might use that also it's not generally used due to added cost (and the only such tech worth mentioning comes from the BD camp). BD disks actually need such coating due to first layer being so close to the surface (IIRC it's a portion of a millimetre only). All in all, BD wins.
Video Quality: It all depends on compression methods used. Arguably, HD-DVD camp uses more advanced compression methods so far but that's only due to HD-DVD disks having less data capacity IMO. BD could use any of the compressions used in HD-DVD if they needed to. It should also be noted that higher compression means more processing is involved when decompression data. That is totally subjective tho as I can't see any benefits going with "faster" compressions. Both formats use quite capable processors to decompress data stored on discs. It's a tie
Content Availability: This is slowly shifting in BD's favour but it all depends on where you live. HD-DVD had way more titles to choose from even a few months ago and that might still be the case in most parts of the world. This is where the outcome of the format war will be decided IMO. So far, it's a tie
Content Pricing: While BD disks might be more costly to produce we're still in the price range where production costs are easily absorbed within the actual sale price of a title. Problem with production costs for BD disks is they will initially be used less for non-retail titles where production costs play a major role and where BD's storage capacity is not needed. There are clear advantages of one format over the other here but, generally, it's a tie with price per GB more or less the same
Storage Market: This market is thoroughly neglected by both camps so far and could easily shift advantage of one format over the other IMO. BD has greater capacity per disk but is also pricier (both recorders and media). I can't stress enough how important is storage market here. If any of the camps starts fulfilling their promises the other one is doomed within a year IMO. Most of us ordinary mortals could use added capacity over DVDs but that's only a fraction of what storage market is worth. What is missing from the equation so far are mainly digital libraries or rather the lack of support for them by both camps. BD has clear advantage here but is worth nothing while only on paper. No points for either camp here
Players Availability and Pricing: I'm sorry to say but HD-DVD clearly wins this one. While you might argue there's PS3 you could buy if you're interested in BD, standalone HD-DVD players and their PC counterparts are cheaper and you can get a hold of them easier. BD is missing a huge piece of a pie with their strategy of making mostly only top class players (most even without SACD support, mind you). Most of us mere mortals are not prepared to part with such large sums of hard earned money just to add another (quite possibly soon to be useless) component to our media centre. Also, designs of standalone BD players might be a bit of a problem here. It's not that it bother me personally but your average techie might have difficulties convincing his wife that blue player doesn't look stupid on top of other silver or black components. Until PS3 drops to about $200 or you're able to buy BD player without the pretentious looks HD-DVD camp wins this one in my eyes.
Recordable Media: It's useless to argue either way here IMO. BD media have capacity and HD-DVD media have retail prices speaking for themselves. Availability is less then stellar for both of them and that shows on the retail price. This market is largely still non-existent so it's a unrespectable tie.
...
Conclusion: It's a mess. I honestly hope some other tech comes along and beats the hell out of both camps. Till then, I'll be using consoles with support for BDs (PS3) and HD-DVDs (mod for Xbox) and my parents will be connected to my data server (using capacious HDDs) to watch/listen to whatever they wish on their MC. They just love that... one remote for all their fav series, movies, music, TV,... and all you need is a fast wireless access point or LAN over power line with a player with media streaming capabilities you can connect to a TV and a Hi-Fi. If you have TV over IP chances are your set op box already supports all that. Cheap (one device at ~ $200), fast (up to 200Mbps), easy (my grandparents can use it
).