disclaimer: I did not look up specifics on the numbers below, nor do I claim these are correct figures, I just did it. Sue me lol.
I voted yes, seeing as I currently have ~1.9TB of storage space and it's about 75-80% full. Most of the space is used by TV shows and movies, all of which are compressed as .avi and .mpg. The reason I don't do straight rips and whatnot is that if I did, I'd have to live in a cardboard box after buying enough hdd space.
Assuming each movie, uncompressed and ripped from a DVD = 8gb, for instance, my movies alone (500+) would take up around 4TB. @ 30 cents a gig (which is pretty da*ned good) that would be in the neighborhood of $1230.00 (based on 1024gb = TB). And that's not taking into account that hard drive gb is only 1000MB. Throw 500-600gb of .avi tv shows @ uncompressed high rez and that number quadruples.
With HD content, like BlueRay and HD-DVD becoming more and more popular, if you were to store uncompressed HD content a Petabyte would be used up faster than you think. @ 25gb per movie on BlueRay (obviously it isn't that much on average, but for comparison's sake) * 500 movies = 12.5TB. Also, that's just current technology, sh*t, in 5 years, at the current rate we could see 100-200gb movies.
Considering that I'd rather have full resolution copies of my movies and tv shows, I'd give my left testicle to have a petabyte (or multiple for that matter) of storage space.