Sony announced the BDP-S350 Blu-ray Player back in February. The BDP-S350 has now started to ship on Amazon.com and other retailers.

The Sony BDP-S350 supports BonusView (Profile 1.1) (picture-in-picture), which is featured on select new Blu-ray Disc home video releases, and is also BD-Live ready, with an Ethernet port for easy firmware updates and access to Internet-based interactive content features. A firmware update enabling BD-Live is planned later this year.
So this is important. BD Live is not available out of the box. You will have to wait until Sony releases an update and then upgrade the S350. The Sony PS3 supports BD Live today.

The Sony BDP-S350 also features quick start up mode improving the player’s boot up time to approximately a few seconds and offers an external port for local storage for BD-Live, allowing users to add an optional flash storage device (sold separately).
The MSRP of the BDP-S350 is $400. On Amazon the BDP-S350 sells for $384.99 right now. Compare Prices in other Stores.