I recently bought a 1080p Samsung to go with my PS3, and at least for me it is worth every single penny. I am a bit of an A/Vphile though so I can easily tell the benefit.
Blu-Ray looks even better the theaters. I have the movie CRANK on it which looks the best so far in my opinion. Some scenes are honestly so damned real looking it is practically surreal. As for the format wars thing, Blu-Ray seems to be the better choice right now since they are sales are more then 2:1 over HD-DVD. Not to mention of course how damned good the uncompressed 5.1 sounds--WOW!!!!
If you are not a huge A/Vphile then you may not see the benefit like I do, but if you are even just a little bit of an A/Vphreak I think you will love the benefits HD video provides.