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All your purchases are saved to your account, so if you pay for something you can download it as many times as you like. With the movies you pay a small fee and have access to it for a time period, so within that time period you can download it as many times as you like. I guess your HD could fry and if you don't get a new one right away you'd have to pay for the movie again even though you never got to watch it, but that'd sorta be the same boat as if your Blu-Ray player got fried and you were renting a movie... if you didn't replace it soon enough you'd have to pay late fees.
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