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
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.