Do you really need 1080p to watch bluray movies?
Obviously, you've gotten the idea that 'no' you don't need a 1080p TV to watch Blu-ray. Almost all Blu-ray players support output of standard TV resolutions including 1080p, 1080i, 720p, 480p, and 480i. Almost all players have component video, HDMI, and composite video outputs so you can connect to a wide variety of displays.
If you don't know, Blu-ray players are also compatible with DVDs and CDs so your existing DVD and CD library can be played back though just one player.
It's nice to have a single player which has so much versatility around it.
Now, sure, to get the MOST out of Blu-ray you will want to be viewing it on a quality 1080p display from the appropriate distance, and you should have a good surround setup so you can hear the HD audio.
But, it certainly isn't required to buy into the format, and while Blu-ray isn't outselling DVD yet, it likely will be in the next few years, so now is as good of a time to buy a player as any. Of course, you don't have to buy movies, but you can rent them at Redbox, Blockbuster, and Netflix without any problem.
Really nifty: Many Blu-ray players are Internet connected with extra features like Netflix streaming built in. So, if you are a Netflix subscriber, you can also stream movies right to your TV using your Blu-ray player. Thumbs up on that!