What KnoWei said
The filtered list of owned movies combines the two, but you can easily spot those on your hard drive, because they have a small "play" icon next to their name.
The only thing I can add, is that I plan to extend the filtered search with more filters. And a new filter will be the media type. You'll be able to show only the videos on DVD, or only the avi files.
This new filter "media type" will have some special values:
* "video files" will gather any "avi", "divx", "iso", etc...
* "video disks" will gather "DVD R0", "DVD R1", "DVD R2", etc...
* maybe also "HD disks" and "SD disks".