When my DVD player crapped out on me, I started looking into the PS3. After I read about the adaptive Blu Ray technology built into the PS3, I was sold. You could buy it simply as a Blu Ray / DVD / CD player and be getting your money's worth.
That said, the library of both downloadable titles via PSN and regular titles on disc is getting extensive with many quality games. The Call of Duty series, GTA IV, and the Guitar Hero series are just a few that I own and think are great. There are also lots of FPS titles out and still coming that are really pushing the envelope. Finally, you can download and rent movies/games all day long... especially since the PSN is a free service. Almost every game is multiplayer online too.
I'd highly recommend it if you are looking for either (or both) a great Blu Ray player and a next-gen game system.
Here's some quick reading and explanation of the Blu Ray support of the PS3, what the 1.0, 1.1 and 2.0 versions are all about, and why the PS3 is one of your better buys for a Blu Ray player.
http://arstechnica.com/news.ars/post/20080118-new-nlu-ray-2-0-spec-makes-ps3-the-most-future-proof-player.html