If I'm looking for a new player, I'd be looking for one which will decode DTS HD MA, True HD 5.1, and give me 5.1/7.1 analog outputs (since my system is HDMI-challenged). But I'm big on lossless audio and have a sound system I feel will take full advantage of it.
As it is, I'm hoping to milk another year or so out of the BH100 before I think about taking the plunge again. Hopefully by then, all the bugs/firmware fixes etc have been worked out, a format winner declared, and someone can build a player with really good DACs and audio processing.
Other than the audio (no DTS HD MA support and only 2 channel TrueHD for HD DVD (but 5.1 TrueHD for Blu-ray; go figure)) and half-baked HD DVD menu/frills support, the video may be as good as it gets (at least for Blu-ray, not sure about HD DVD). YMMV. I suspect the PQ could be even better if I had a projector which supported 1080p/24.
BLU RAY - 53+PE (if your quantity is zero, you are missing out on too many movies)
HD DVD - 10 (if your quantity is zero, you are still missing out).