I was surfing and found this tidbit:
I'm not a subscriber and couldn't get any further, but I thought you'd be interested.
EDN, May 2; Adam Hwang, DIGITIMES [Friday 2 May 2008]
Pegatron Technology, an OEM subsidiary of Asustek Computer, has secured orders from Microsoft to assemble Xbox 360 consoles equipped with a Blu-ray Disc (BD)-ROM drive, with shipments to begin in the third quarter of 2008, according to the Chinese-language Economic Daily News (EDN) newspaper.
Pegatron Technology, an OEM subsidiary of Asustek Computer, has secured orders from Microsoft to assemble Xbox 360 consoles equipped with a Blu-ray Disc (BD)-ROM drive, with shipments to begin in the third quarter of 2008, according to the Chinese-language Economic Daily News (EDN) newspaper.

I wouldn't count on it anytime soon. Microsoft is very much committed to direct distribution of content to the 360. Blu-ray does not fit into that equation. Even Microsoft's commitment to HD-DVD began and ended with their HDi software, nothing more.
On the back of this Jeff Beck Bluray disc "Live at Ronnie Scotts" it lists the audio format as LPCM stereo, Dolby Digital 5.1, DTS HD Master Audio.
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