You don't have to exchange DVDs title-for-title; you could exchange a regular DVD of the movie Clueless for a Blu-Ray of Freddy vs. Jason, for example. This means that you can keep your good DVDs and get rid of your bad ones.
My husband thought the service was a great deal. It allowed him to exchange a number of DVDs he didn't want for Blu-Ray discs he did want. One of those DVDs was physically broken (it cracked when he took it out of the case to watch it) and was completely unusable, so he was particularly happy about that trade-in.
$4.95 is a great price for a regular new DVD, and a phenomenal price for a new Blu-Ray disc. (Of course, in the long-run, if the promotion gets you hooked on expensive Blu-Ray discs, this deal may not work out in your favor.) Because of the shipping cost, if you only have one or two DVDs to trade in, the math might not make sense. Also, you should check the cost to buy any Blu-Ray title you are interested in on Amazon first to see how it compares to the DVD2Blu price. Make sure the effort of trading in your DVDs is worth the price.
The selection could be better--only part of the Warner Bros. catalog is included, and the options seem random--they aren't all classic movies or modern hits, for example. But there is a lot of good selection.
The service advertises that the exchange takes 3-4 weeks, and it did feel like it actually took that long for us.
Overall, the DVD2Blu service seems to be a very good deal if you have DVDs that are worthless to you and you can find some Blu-Ray titles you want within the available selection.
Stock photo from Amazon