PS3 is £300+
EP30 is just over £100 with 7 free films and access to over 300 more that are not going to spontaneously combust just because Blu-Ray "wins"
So if you want to watch some HD movies *now* on your new 1080p telly, it's a no brainer. More so as it's a fine DVD upscaler too.
Who even cares if it's redundant in a couple of years time. Use it as a door stop if you like, though it will still play those 300+ movies plus all your PAL DVDs upscalled. At around £100 it's not a wasted investment.
However I would strongly caution rushing out to buy Blu-Ray at present if you are planning on only backing one format, as frankly Blu-Ray *still* is not finished.
Wait until Blu-Ray is profile 2.0 and you can get standalone profile 2.0 players for £100 to £200 (and I mean *fully* profile 1.1 & 2.0 compliant, not just updated firmware that tolerates profile 1.1/2.0 discs but doesn't play the content).
PS3 is all nice and fine, but it's very expensive as an HD player, and doesn't even support all the HD audio formats properly. In the UK it's also a sub-standard games console with lack of PS2 compatibility. Besides, if you don't want a games console, it's too expensive!
I'm not saying HD DVD is the future, and sure Blu-Ray can go and "win", but HD DVD is *now*, and Blu-Ray is still not complete.
If you want HD now, my advice is to go with a deal like this and snap up all those titles with more complete content than their Blu-Ray equivalents, and/or just go get SkyHD.