Time to pull the trigger on BluRay?


I am woefully ignorant about where we are with bluray. Is it time to buy? If so what are the SOTA players? I assume these players will play DVD and perhaps some other formats. I vaguely remember hearing that there are some features/quality issues still being worked out. Please educate the ignorant.
Thanks.
bflowers
YES and on the cheap too. I bought the Panasonic BD 55 ($325-Amazon) for an older no HDMI HDTV to taste Blu Ray. I was less than overwhelmed looking at Blu Ray through video components. (Let that be a warning everybody!) However, I was forced to look for a 32" flat screen for a second room HT system. I discovered I didn't need to pay for the added cost of 1080i/p or even 120Hz refresh for my smaller flat screen purchase. I got a 32" Sony flat screen from Best Buy just priced down to $500 from $650 the day after Thanksgiving and it paired up with the BD 55 magnificently. I discovered for screens under 36", a 740i capable screen is fine. Above 36" you will want 1080 capability but I saved at least $3-400 for my screen size revelation. Also, the Panasonic BD35 (w/out video components) would have been fine for my needs and cost $100 less. In short, you can enjoy Blu Ray HD for under $750 without a problem with a Panasonic BD 35 for $225 (Amazon)and a 32" HD flat screen in the $500 and less range. If nothing else, seriously consider the Panasonic BD 35/55. They're not "universal" players - no SACD or DVD-Audio but will give you all the current state of the art Blu Ray-HT audio formats to enjoy high definition images. Seeing Batman Begins and 2001 Space Odessy in high def is worth it. Also, the upconvert feature for regular DVDs is outstanding and won't make you want to rush out and rebuy your entire DVD collection. However, you will want to get Blu Ray releases clearly identified as "outstanding". (Sadly not all Blu Ray movies are equal, just as not all early CD audio releases of favorite vinyl recordings are sonic gems.)
As respects HDMI lenght: I have a 75 foot monster hdmi cable running from the sat box in my sound room to my pc room and 1080i is no problem at all (direct TV to dvdo Iscan VP30 to PC monitor).
Thanks for all the responses. I do need a machine that does both BluRay and DVD well. I surmise from the responses that if one does not have HDMI connections that it may not be worth doing. I need to check the access to my projector.
i bought pioneer's elites bdp 95fd. By far the best picture quality out there. And also fully upgradeable with software.