While I have had a HD projector (Panasonic PT-AE500E) for just over 3 years now and really enjoy watching high definition content on the 80” screen, I'm still waiting for Blu-ray players to become more reasonably priced before considering one. I'm not a games player, so I'm not interested in the PS3, despite its lower price.
My favourite type of programming is live music and documentaries, so BBC HD on satellite is my favourite source of HD content. I watch the recently launched ITV HD on occasion also. For playing recorded HD content, I use the NeoDigits X5000 network media player and a USB hard disk as storage, which I’m still very happy with.
Another thing that put me off Blu-ray is the hefty price of blank Blu-ray discs, which start at around €8 for 25GB BD-R's, at least the cheapest I've come across. To give a comparison against hard disk as storage, I can pick up a 750GB SATA hard disk and a USB SATA HDD enclosure together for just under €100. As each single layer BD-R holds 25GB, I would need 30 to give 750GB, which means I would need to spend €240 on BD-R (30 x €8) to get the same storage capacity! The other advantage I find with external an external hard disk is that it connects to my HD player and this doesn't require disc changing or a Blu-ray writer to add content to it.
However, once Blu-ray players and especially the media tumble in price, I will consider picking up a player and maybe even a writer.