Pretty much, the 360 launches in 2 months so it's stuck with DVD. It seems likely that if the 360 wants to keep pace once the PS3 is released and they start to use more than 10 GB per game, then your going to need multiple disks. Two disks dosnt seem too far fetched but if ever it gets to the point of someone actually filling a Blu Ray disk then your game box is going to be thicker than the old style game boxes.
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Once they really start pushing the HD capabilities of the games that will start to fill a lot of space. I think one japanese dev house already complained that standard DVDs don't have enough space if you have to display everything in HD. I mean some games for the PS2 are starting to come out on 2 discs, add the extra space for the new next gen graphics, as well as the extra space required for HD picture quality, and you're going to need some crazy compression to fit that on DVDs.