Early Blu-ray discs included PCM 5.1 only because the first generation of players lacked any sort of decoding for the new formats (Dolby Digital Plus, Dolby TrueHD, and DTS-HD). PCM 5.1
should start to fade away as newer players reach the market and be replaced by these formats because of the opportunity for saving disc space (even TrueHD and DTS-HD Master Audio are much more compact than PCM, while also providing a lossless compression format that should some comparable).
Personally, I'm not ready to invest the kind of cash required to get multichannel analog output on a Blu-ray player. Presently, the cheapest standalone Blu-ray player is $1000, with offerings ranging from there up to around $1500 (my
HD player chart is relatively up-to-date and can offer some specifics). By this summer some time, we should see a couple less expensive players. Sony has announced a player due around mid-summer for around $600, and Philips has their first player on the way for around $800. These newer players will also likely offer more features (the interactive content planned for Blu-ray is still being refined and current players have no support for it, for example).
It's a personal choice, but as tempting as HD content is I'm still sitting on the sidelines and waiting for things to get a bit better sorted out. The PS3 is an excellent way to get started with one of the HD formats without much risk of getting stuck on the losing team and without investing too much into a player that could almost be considered "beta testing" for future, full-featured players.