How many hours can a DVD recorder record

Hi, I was reading about this new DVD player with the blue laser. I read it can record up to 10 to 12 hours with this blue laser. When this comes out, the VCR is done. My question is about the DVD recorders now. How many hours can they record. Also, do they have that feature the VCR has, where the VCR has the EP and SP level. The EP records 6 hours, the SP 2 hours.
My Phillips has 1 hr, 2 hr, 3 hr, and 4 hr modes. The 1 hr is a great picture, the 2 hour mode is somewhat below standard DVD quality, and the quality drops from there.