This is really good discussion. I am glad I found it. As I understand it, The UV deal was set up as a digital locker for your licenses. So, in theory, any media player, including iTunes would be able to verify the license with UV. I have found that several of the BluRay movies that I have purchased recently, use UV to integrate quite nicely with iTunes. I purchased World War Z, Kickass, and Star Trek Into Darkness and Monsters University. For all of them, I was able to redeem the UV code and put the movie right into my iTunes, accessable under purchases from any Apple place (iPad, Itunes on the Desktop, iPod, etc.). It was pretty painless for those. In fact, they side-loaded some features that didn't even come on the disk in the case of Monsters U. In the case of Monsters, though, you had to actually pay an extra 3-4 bucks for the UV copy version! That *****, badly.
Also, I did notice that the playback quality is compromised to a degree. It's fine for watch on a smaller screen, but would look pretty bad on a large one compared to the actual BluRay. Haven't picked up the AppleTV, so I am interested in actually seeing the iTunes quality on a bigger screen. It's nice to have all the digital titles in iTunes, but I don't want to sacrifce quality.
Now, I bought the Argo BluRay as well, and it essentially forced me to use Flixter to redeem the UV copy. And, what's worse is that I multiple Flixter accounts from over the years, and the one I chose was linked to a one of the multiple accounts I had for UV as well. So, I ended up in an endless loop and wasn't able to get the UV copy even in Flixter. But, I really didn't want the UV copy in Flixter at all. I wanted it in iTunes. I messed around with unlinking here and there, and after a few attempts I just gave up. I am sure with some level of effort, I could get that movie into iTunes, but I don't have time for that. All the time I wasted, I could just buy another digital copy in iTunes. I am sure I could contact Flixter support or something, but I don't think they want folks using iTunes. I have read it's owned by studios, so they are trying to roll their own here. In any case, I will definitely research when buying BluRay titles beforehand to make sure that the UV will work with iTunes. I just don't want a balkanized collection, where I am playing some titles on iTunes, some on Flixter.
The only true way to have a 'forever copy' of you movie in the highest possible quality is to purchse the BluRay. Not everyone has iTunes. The UV is supposed to work with a variety of players. The concept is OK until they try to get you to into Flixter via 'drive-by' methods. If iTunes-purchased movies are in fact close enough to BluRay quality, then I can just go that way, I guess. But, I have read that they are not.