I purchased a PS3 and I couldn't be happier.
More studios support Blu-ray and they have about the same amount of movies currently available. Blu-ray.com claims there are 161 out right now but that seems a little high. I have found on a couple of review sites that both Blu-ray and HD DVD have around 130 titles available. Some one should come out with an accurate list
Though Blu-ray players and movies are a little more expensive I do think it will be worth purchasing a Blu-ray player. Blu-ray movies were released 2 months later and they have about the same amount of movie titles out right now, pretty impressive, and just surpassed HD DVD in sales last month.
I currently own 5 Blu-ray movies (and Saw 3 is on it's way), and only one is all but spectacular, but it is still better quality than a DVD. If you are leaning toward Blu-ray and it is about price, just buy the $499.99 PS3 (just keep in mind there is no DVD upscaling...yet), otherwise just wait for the Combo players. It does suck that I have Terminator 1 and 2 on Blu-ray and Terminator 3 is only available on HD DVD...
Just my 2 cents.