What should I buy as my 1st Blu-ray player? PS3?

[king53214]

I have been researching (somewhat unsuccessfully) to try and find out what I should buy and have run across so much information, I'm overwhelmed. I am NOT up on technology, so please don't throw jargon at me without an explanation or I'm just going to need to ask what you mean. Here are my statistics:

I have not purchased anything yet, this is all going to happen on Black-Friday but my intention is to purchase most likely a Sharp Aquos 40" LC-40E67U (I know, it's not top of the line but this will be our first flat screen and we're on a budget with the little munchkin around) and a soundbar system. I have the HDMI cables but what I need to know now is, what blu-ray do I get?
We have at&t uverse, so I have a wireless modem I can tie it into but the more I read, the more I got confused. We won't be using any of the movie services, like netflix so all I'm really after is something that plays blu-ray and all the dvds we own, has wireless connection for software updates and has a good track record for reliability. What I have concluded and after speaking with someone at a tech store they agreed and actually said that they themselves use their PS3 as their blu-ray player.

So, here is my question:
Is there any reason not to just get a PS3 and if not, please tell me why and which blu-ray player you might suggest.

Thanks everyone and as this is my first post here, be nice and helpful.

I will not be spending more than $400 on this player, so nothing fancy please...