I'll need to do more research to find an answer for us.
One of the reasons I would steer away from an entry level BDP right now is that in my opinion, they are mediocre performers in Blu-ray format, also, when compared to one of the middle grade ones. I've seen quite a few of them work with Blu-ray media, but I had a chance to see one or two players that I would certainly avoid.
We have a display set up behind one of our counters with two identical Pan-Islamic (my affectionate name for these Malaysian made Panasonics) forty six inch 1080P LCD television sets, side-by-side. At first the display was used to show the difference in standard definition and High Definition on a 1080P set for the "Direct TV" people. (it looked like shit to me, because the DTV feed is actually 720P and the DTV satellite receiver upscales to 1080i, but not very well)
Later we switched it to show the difference between one set "calibrated" and the other set "not calibrated" and we were using a high-grade Pan-Islamic Standard DVD player, which does upscale quite nicely.
The next change was some Sony promo and we switched over to the Sony ...(some letters?) 550 BDP, but we were supplied with a loop Blu-ray disk, with true HD content from Sony, still using the same two side-by-side sets to show off the difference in our "calibration." (Like fucking WoW, dude! Nice picture)
THEN, we changed out the player (leaving everything else the same, again) to an entry level LG brand Blu-ray player and there was an obvious difference in image quality. In fact there was far more difference in quality than the price difference between the LG and the Sony would imply. I can't remember why it had to be that LG player in the display, but after a week of me complaining about the quality of our "calibration display," I convinced the boss to let me switch to a different one (same model). It looked the same, so I'm tempted to conclude that it's just a shitty player.
Most recently, I switched to an entry level Panasonic BDP in that display, and it is noticeably better than the LG. But, right around the corner is a "Sony all the way" entry level HTIB display and the image quality is quite superior to the Pan-Islamic (you know I'm probably going to goof up an say that to a customer one of these days

) player and monitor set up.
I know that doesn't help with our dilemma, because all these displays use Blu-ray media.