Finding a cheap Blu-ray player is still rather hard. One would expect that they would be selling under the magic $200 price point by now, but they do not. Of course you can always use the PS3 to play Blu-ray movies, but if you do not own one and do not want to pay $399 for it, you do not have that many options.
Low cost electronics brands like Daewoo and Magnavox have Blu-ray players in the pipeline or already on the market. Searching for the best deal on a Blu-ray player I actually landed on a Samsung Blu-ray player.
The Samsung BD-P1500 Blu-ray Player sells for only $244.31 (MSRP $399.99) on Amazon.com.

Wal-mart has the BD-P1500 also on sale, but Amazon has the lower price.

The Samsung BD-P1500 supports BD Profile 1.1, 7.1 PCM, Dolby Digital Plus, Dolby TrueHD, DTS-HD HR & MA bitstream audio and online firmware upgrade.
The great thing about the BD-P1500 is that Samsung says it will be able to upgrade to BD Profile 2.0 via a firmware update.

If you found a cheaper Blu-ray player at a trustworthy retailer please email me.