What do I need to consider when buying a blu-ray dvd player?

I am thinking about upgrading my dvd player to a blu-ray as I have purchased a 1080P HDTV. Sony has a unit for $369.00 (Walmart) is this a good price or is it too basic? Help!!!

Here is a good read below to give you a little heads up
http://crave.cnet.com/8301-1_105-9864122-1.html?tag=blgs.pop
I was going to buy a blu ray player but bought a ps 3 instead. Im really waiting for a blu ray player and recorder that will be coming out hopefully this fall. But that is a good price esp since when the players first came out it was over 1000 dollars