Do these services offer DVDs in the next-generation Blu-ray and HD DVD high definition formats?

Yes. Both NetFlix and Blockbuster already carry just about all Blu-ray and HD DVD titles produced in those formats.

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Recently answered questions about Online DVD Rental Reviews:

Do online DVD rental services offer adult movies?
The following post in our Reader Question series is an actual user submitted question. Q: Do you recommend adult movie rentals online? A: The two most popular online DVD rental services, Netflix and Blockbuster, do not offer adult movies. But NextAdvisor.com has reviewed a third option, CinemaNow, which does not actually send DVDs through the mail, but [...]