If the movie is shit, I don't care how good the picture quality is. And do I really need to see "The Hangover" on Blu-Ray? For Ridley Scott's work, I probably do.
Hm. I think the theater experience is more about the notion that your entire focus for the next 1 to 3 hours will be watching the film. Not also getting the phone, checking the dryer, making sure the cat didn't pee on the sofa.... just immersed in the film. Riffing off of @Suburban's comment, sometimes my computer montior gives me a clearer picture of (say) 'Blue Velvet' than a wonky projector running an aged print. It can't pinpoint my attention in quite the same way as a theater, though.
@Sok: Yeah, good point. Lately I've found myself switching my phone to airplane mode and turning off my laptop whenever I watch a movie at home, 'cause otherwise I can't help but pay attention to 20 other things that aren't whatever I'm supposed to be watching.
There is also something to the shared bond of movie experience in a theater... but sometimes people can be pretty annoying (with myself as the notable exception, of course)
For me, the ideal would be a huge screen, great picture, nice seats, and a group of your favorite film fan friends along for the ride.
What the fuck's the point of going to a theater if the movie is going to be projected piss-poorly? Every movie I see in theaters these days is dim thanks to idiot projectioners thinking they're saving money dimming the bulb, out of sound sync, dirty, cropped, or just a goddamn DVD projected on a screen.
For me, the ideal would be a huge screen, great picture, nice seats, and a group of your favorite film fan friends along for the ride.