Well you can pick up a blu-ray player which has the same/similar visual performance but better audio to the PS3 for around £150-£200 (new models are out so I can't say for sure), I'm not the best person to ask about specific models though. Anyawy, if you wanted to get a PS3 for gaming then I wouldn't see a need for an extra player myself, as I said though, if you want great audio performance then a stand alone player will give you more than the PS3.
If blu-ray is the biggest concern then you can get a good 42" 1080p plasma in the Panasonic P42G10, it's available for under £900 (
PANASONIC TXP42G10B at Richer Sounds - HI-FI Separates, Home Cinema, Speakers, MP3 DVD Portables, Plasma LCD, etc. ) One thing worth considering though is that the UK models don't have very good calibration controls, you can pick up an EU version for a similar price though, they have more controls, but I'm not sure about the downsides which come with that (involving other things).
You can also pick up some 50" TVs though, dare I say that they will be ideal for blu-ray viewing?! You can pick up the LG 50PS7000 or 8000 or the 50" version of the G10 for around (and under for the LGs) the £1000 mark. Are you going to be using it for anything else?