if you only play blu-ray, does the players electronics matter?

Sure. The quality of the video decoding matters. The image processing matters. If you use analog audio or video, the quality of the DACs most definitely matters. The speed of the processing circuitry for running the BD-J content matters. You don't have to spend $2000 for a good quality player, but an ultra-cheapy may very well not leave you entirely satisfied. Personally I picked up a Panasonic DMP-BD35 for $299 off Amazon as soon as they became available (yes, if I'd waited I could've got it a bit cheaper). I'm completely satisfied with it, and the image quality has made me happy.

Exactly what would be the point of any company manufacturing a Blu-ray player that did not produce an absolutely perfect high definition image?? Any Blu-ray player made should be putting out a perfect picture, I thought that was the whole point of the high definition format. If the cheaper blu-ray machines are not displaying an absolutely beautiful high definition picture, then a person would do just as well buying a standard upconverting dvd player.

Not all chips are made equal. Why would a company make a super-cheap, low-quality Blu-Ray player? I suppose money would be a possible reason. You'd have to ask them.

Then exactly what would be the point of buying a Blu-Ray player??? Picture and audio quality ought to be perfect no matter which player you buy.

I've yet to see a comparison test that cites any one player as producing better Blu-Ray PQ than other players. Some players may include post-processing features that make the picture look different, but different isn't necessarily better.

The point of buying high end (aside from a player having certain features you might particularly need, like analog multichannel audio out with full bass management, that cheaper players lack) has mostly to do (IMO) with wanting to feel confident about build quality and reliability, and about caring about (and being willing to pay for) intangibles like look-and-feel, than it does with performance.

This is as true with BD players as it is with most other things.