Why haven't the studios been bringing the big guns to try and win the format war? Obviously the ones supporting both would want to have restraint and release them over time, but why wouldn't Sony drop their big guns to try and win this war fast?

We're definitely getting bigger titles than what we got from DVD in it's first year. There will be big titles this year. The Matrix trilogy was just announced for HD DVD. On the Blu-ray side, these are scheduled/mentioned to be released in 2007:

Pirates of the Caribbean 1,2,3
Spider-man 1,2,3
Cars
Lawrence of Arabia

Harry Potter 1-4 should be on both.

It's much smarter to wait for the HD audience to grow before dropping every major title. The PS3 has helped BD at least prepare to offer up some mega titles. I mean, you don't wanna announce that Spider-man is coming to Blu-ray if only 20,000 people own Blu-ray players. It'll have a much bigger impact if you announce it when there are 2 million users.

BD is trying to win the war via software. They have a ton of exclusives announced. HD DVD seems to be trying to win with cheaper hardware.

I guess it depends on what you are looking for, some of my favorite movies are already on HD-DVD and/or BD. The titles are just getting better also as Mr. Cinema mentioned. The Spielberg stuff is going to take awhile, as will the Lucas because the directors have some control, but they have been releasing some big ticket stuff IMHO.

Universal does have alot of their bigger franchises and hits out there, such as The Mummy, King Kong, The Fast and the Furious, etc., but they don't have a say on the Spielberg titles that their catalog is built upon. Unfortunately for HD-DVD, Universal's best titles are by Spielberg and they have been cautious about taking on big projects the past few years thanks to duds like Hulk and Van Helsing. They lack a major franchise like Spider-Man, Harry Potter, or Pirates that could really make the difference unless they can get Jurassic Park or Back to the Future out there.

I have a PS3 for Bluray and I'm on the fence about the 360 hddvd player. If Jurassic Park (or Jaws...) was announced, that would be more than enough to push me over.