I think it was a little different for so many reasons. With HD, studios split to favour different formats. Porn had a big influence then as it was the first way people could watch it in the home for many. There was also Video 2000 around then as yet another format. Also there was things like different recording times on the formats.
I think one of the biggest factors here was the PS3. Sony had had two successful consoles and I think the trojan horse effect worked in the end. Take away the PS3 and I think blu-ray would not have taken off. On the other hand HD DVD just had one main manufacturer. I think with VHS v Betamax it was split differently.
Also this time around we have forums, fanboys, blog sites, viral marketing and a lot more.
I think it's all been a different war. I imagine that both sides have spent a lot of money and sacked a few people over dodgy decisions. Maybe next time something like this happens all sides will want to spend a little longer over agreeing a single format.