Looking around, seems that the PS3 is the cheapest way to get started on the Blu-Ray format. I'l be convinced to get the console if it can also do Matroska formats.
UPDATE (08/29): The AVS Forum NEW AVS PS3 FAQ Thread has a lot of needed info on the PS3. As of now, looks like the PS3 is a bad choice if most your HD media is on the Matroska (.mkv) format.
UPDATE (09/20): Bit the bullet. I am now a proud owner of a 110v 80GB PS3. Per many a forum, there is no such thing as a 110v only PS3, all of them come default with a universal power supply. Will know if its true or not soon.