The new Audio Formats/Codecs are far superior to the old formats(dvd). It is like night and day. The audio quality of the new codecs sent via HDMI sound awesome.

As far as the best blu-ray player. I have PS3 and it works great. I have also heard many good things about the Sony BD350 and BD550. In order to get the new codecs sent for optimal sound, you should get a receiver that can transfer via HDMI.

Sony 52XBR4
Sony PS3-60Gb
Onkyo TX-SR805
Axiom M-60V2 F/L
Axiom VP150 C
Axiom QS-8 Sur
ED-A2-300 Sub