And also, if you look at Lucasfilm's releases on dvd, starting in 2000 with Tucker, they've released at least one new title a year, ending with ROTS. Lucas likes to spread his releases out, at least he did on dvd. Here's what Lucas did release-wise on dvd:
2000 - Tucker : The Man and his Dream 2001 - TPM, Willow 2002 - AOTC 2003 - Indy Trilogy 2004 - SW:OT, THX-1138 (non-Lucasfilm title) 2005 - ROTS
After this, all we pretty much saw we're rereleases/repackaging of SW and Indy.
Graffiti came out in 1998 I believe, but I don't know how much control Lucas had over that one, as far as the dvd coming out goes. I'm kinda surprised there hasn't been an rerelease of any kind of Graffiti, especially when we saw it pretty early on in the dvd format.
I hope Indy 1-3 does come out this year, and if I remember, Bill Hunt said that there were rumors of more Indy in 2009 when KOTCS was released on dvd/BD. If this holds up, let's hope that SW will start to trickle out next year.
Their history with DVD shows that they did nothing to grow the format, but instead waited to take advantage of the growth spurred by others. It would not be surprising to see them take the same approach with Blu Ray.
I was thinking more along the lines of like a 2 disc edition with more extras, along with remastered video and audio in 5.1, not that the current release is bad by any means. Lucas has had Lowry restore all of his other main titles, so I wonder if they will or already have done anything on Graffiti for a future, more elaborate dvd/BD release.
Considering DVD has been out for 12 years now and Indy has only been re-released twice, I would hardly all it "countless times." (I'm defining 're-released' here as a different encode and new extras....more substantive stuff if you will.)
Studios in general usually wait for larger install bases before releasing their top seller catalogs as they feel they will sell more that way instead of releasing it when the install numbers are lower. A lot of marketing obviously plays into it. I remember the DVD getting a lot of marketing with the install based a lot higher. This is why huge blockbuster, catalog titles don't come out during the first or second year of a format.
VHS did become an "ownership" format as time went on. Maybe not quite to the same degree as DVD (though I'm just speculating). Later in years - even well before DVD - VHS movies were extremely affordable. In 1995, I remember buying the original trilogy Star Wars boxset for about $25.00 from Media Play if memory serves me. I also remember similar prices of other movies before 1995.