The Blizzard Store was recently relaunched with a complete new layout, with a larger variety of products. The most interesting feature is Digital Downloads. Currently, only Warcraft III and its expansion are available as digital download, but that is just a matter of time.  Other games will be available in this format soon. This is probably part of the reason Blizzard released No-CD patches recently for Starcraft and Warcraft 3.  A Diablo No-CD patch is currently in development.

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A close look to their Store FAQ page reveals the following

What are Digital Downloads?

Certain Blizzard games can be purchased as Digital Downloads. Instead of purchasing a boxed retail copy of the game, the digital version gives you instant access – download and play it on your computer as soon as you pay for the game.

How many times can I download a game?

You can download a game that has been registered to your account an unlimited number of times.

Can I designate an item as a gift?

You can only designate Digital Downloads as gifts. Doing so will send a transferable authentication key to the email address of your choice. For other products that you wish to gift to someone, simply add their address to your Address Book and send the order there.

Why are some games not available to be purchased as a Digital Download?

As this is a new service, not all Blizzard games may be available to download immediately upon the launch of the Blizzard Store. However, more titles will gradually be made available for Digital Download over time.