If and when there will be a CloneDVD HD I doubt it will convert BD or HD to SD DVD-9. I can't wait till they have something for us though as it would be nice. A basic easy to use one step program is all that is holding me back right now to start buying in BD now. Price ain't nothing to me if you want to make a backup without the loss of quality or resolution and retain everything you want.
i'd like a clonedvd mobile hd - that way i could convert bluray disks to mkv/h264 files and watch them on my mac/linux boxes which don't yet have any particularly great bd+ decoders.
converting a 50gb bluray to an 8gb mpeg2 would be a bit rubbish, but a 4 or 8gb matroska would be lovely.
i'd buy a bluray drive if that could be done easily enough.