I think the general consensus at the moment is wait and see what happens to HD-DVD, the prices are very low at the moment but if the format fails, it doesn't matter how cheap it is really unless you just want to upscale your existing DVD collection.
If you can't wait and love to play a game, the PS3 is obviously your best bet (I can recommend it for Blu-Ray playback), but if you're not into games and want a Blu-Ray player, I gather there are a whole host of new generation players coming out March which put the current crop to shame.