There is one bit people always forget, people like having something they can hold. Something seen as reliable and rugged. When storing something valuable, would you prefer a 16ft blastproof door leading to a 30m thick concrete shielded room or an ex-janitors closet with a standard two-pin tumbler lock. People will always prefer something they have control over, something they have, rather than the cloud, or another outsource.
As for hard-drives, we're reaching the limitations aluminium. You can try to spin it as fast as you want but eventually you'll reach its melting point. SSD's suffer from write limits, typically lasting 10 years (high usage) now, as write speed increases, write limits decrease accordingly. Holographical write limits and overheat would be far out of our range for the next twenty-five to fifty years. I trust we would have thought of something better by then, according to Moore's law.
Another point is power consumption. Again, SSD's are better than rotating disks due to less moving parts. This is where i think GE are falling down. If they are Only developing Holographic media to replace optical discs, then they are not only bringing back that problem, but missing out on notebooks, netbooks, tablets, smartphones, and even some newer, low-end laptops and desktops.
If they are clever, they will be quietly developing, not a replacement for the common hard-drive, but for the Solid State drives that will overrun them.
In the mean time, a 500GB CD would be immensley useful.
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