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Toshiba is working on an extension to the DVD format which will offer video quality comparable to that produced by Blu-ray and HD-DVD discs, according to Japanese media reports.
Most likely to replace MPEG-2 encoding with H.264/AVC, which would allow you to store good quality 720p video on a standard DVD. 1080p video would be a stretch, unless they are using an even more efficient compressor. Toshiba is the main company behind the DVD standard, so they can push this through to become an extension of the DVD standard if they wish to.
Probably just a (false) rumour though ...