This thread reminds me of the time my friend was complaining to me that he couldn't see any difference between dvd and blu-ray. I then asked him if his tv was HD and he said no. He then proceeded to tell me what blu-ray movies he was going to buy anyway.
Tl;DR - If you don't have a good tv, don't waste money on blu-ray.
On topic, despite having a lovely big HDTV at my disposal, I do not own any blu-ray movies for lack of a blu-ray player. HDMI upscaling on my dvd player does look fairly lovely, however. But that doesn't really do much for the audio.