Since you already have a blu-ray player (PS3), I would wait to buy another blu-ray dvd player. I'm sure the prices will drop a lot, as that's usually the case with electronics.
What am I missing? You already have a BR player in the PS3. Why would you want to buy another, stand alone player??
Aside from that, I think the future is streaming high def movies either from broadband connected TV's, cable boxes, or gaming consoles. I wouldn't waste my money.
We have the same set up dele. We loved the picture so much from DH's ps3 that we bought a Blu Ray for our flat-screen in the bedroom as well. It was completely worth it and really makes a difference in picture IMO. Plus if you have a really nice TV you want to be getting the best picture from it and blu ray really increases the quality.
Just a little side note, If you have not seen Planet Earth in Blu ray you must get it! I thought it was amazing in "regular" vision but on Blu-ray it's mind blowing. The deep sea / reef specials had some of the most incredible footage I had ever seen. I felt like we were literally swimming with the camera man and it completely took my breath away.
As far as what Charles said about putting your money into a technology that will be obsolete in a couple of years, I kind of disagree. While that is probably the direction the market will take, it's going to be longer than a few years if you're looking for the high definition picture and sound quality seen in Blurays. If you have HD cable, you'll know what I mean. The signal can be so compressed, there's still problems with the picture and feed. The quality will vary based on your provider.
We have instant downloads through Netflix. If your internet connection slows, the movie will stop and you'll have to fast forward through the entire thing to get to the part you were watching. Very annoying quirks.
Bluray is on an entirely different level at this point. Plus the investment of $200 is not that lavish. You can spend that on a quality upconverting DVD player.