No, do not wait.
Whichever format you decide upon - you seem interested in Bluray - get a new player now. Why? QUite frankly the difference of HD over SD even with upscaling, is nothing short of phenominal.
It's not a question of format wars. The plain and simple fact is high definition 1080p eats DVD alive. The color gradiant over HDMI, the upscaling quality dependant upon the processor in the player, and the available audio options far exceed any percieved benefit of the "wait and see'rs" who feel the format wars will die down.