According to this article from the financial times, Paramount apparently has a clause in their contract with the HD-DVD camp, that if Warner Bros. goes Blu, that they will be allowed to jump ship and join the Blu-Ray camp as well.
While this is only speculation at the moment, with 70% of Hollywood movies being released in Blu-Ray now, it only makes sense that Paramount would abandon the ailing HD-DVD format in this war. At that point, it would leave only Universal and Dreamworks on the HD-DVD side (it isn’t known wether either of them have this same clause).
It will be interesting to see how this plays out, but I for one will be happy to be able to upgrade my Star Trek movies to Blu-Ray if it does indeed come to fruition! Hopefully the end of the war will also see a drop in price to the Blu-Ray camp to get more consumers adopting it.