In the latest edition of Storage Magazine (something I get for work), there is an article on how the British Film Institute is working with HP converting their highly flamable film stocks to digital versions.
For the Mediatheque project they will be providing access to their archives of films and television footage in a new "BFI Southbank" building just along the Thames from the London Eye. Initial this will be a few hundred essentially "British" clips but this will be expanded as the footage is converted. The important films will be hand restored but HP Labs have been working with Warner Brothers on techniques to remove dirt, scratches and other imperfections from the digital copies.
One film that I would like to see available in the Mediatheque is The Strength and Agility of Insects (1911) which is already digitised but only available to registered access points in libraries and colleges.
For more details see the BFI Website.