I think, that stand alone Blu-Ray player will be the best choice.
I you want to playback TrueHD sound or HD DTS, you will have to by special edition of Power DVD ( http://www.cyberlink.com/products/powerdvd/compare-retail_en_US.html ), WMP or other free program can't do this.
I'm not sure, that you be able to transfer secure media data to other "monitor" (your HD TV).
Stand alone player much easier: just turn it on and you will have 100% warranty that it will playback everything you need.
I'm using Sony S350: good quality for low price.
Does anybody have an opinion on having both a stand alone Blu-Ray player AND a BD-Rom drive on a laptop? I'm thinking that If I have a Blu-ray drive on my laptop and HDMI connection, why do I need another player for my Home theater? Or am I woefully ingnorant about the capabilities of Blu-Ray drives in computers?