For £50 might be worth a punt and if no good should be able to ebay it for not far off that amount.
I'd be quite surprised if a player being discounted that much would be significant improvement over the PS3. Certainly on functionality it can't compare.
I'd say go for it. It's not really a £50 punt cos you'd get most of it back
If you really wanted a cheap blu-ray player, I would suggest you spend slightly more and get a Panasonic DMP-BD35 which will offer a far superior picture and sound quality.
canada , do you know someone with a sony 370 ?? , a mate perhaps ?? if so then why not get him/her to bring it around to your house ? have a cup of tea and compare the two ? thats what i would advise before spending money seeking better blu-ray playback , that you may or may not get..