Several things to consider before buying a BD player with the impending Profile 1.1 change over. Here is my take on it:
1. Without a Profile 1.1 BD player, you will be limited in playback of a lot of potentially cool interactive features. Studios are just starting to do this with HD DVD. Even though I have never been a big "extras" fan, I am already starting to look forward to what can be done with these new formats based on this link (Provided by Jerry), which is just the tip of the iceberg IMO:
http://www.videobusiness.com/article/CA6461151.html
2. The longer you wait, the lower the prices will be when you DO buy. This is generally true with all CE devices, but as was pointed out, if interactive features still do not matter, then you could get clearance prices on Profile 1.0 BD players.
3. If you are a gamer then buying the PS3 is a slam dunk as the BD player to buy. I think there will be another price drop for the Holidays. If you already own a PS2 and want to play them on the PS3 then you should jump while the current (BIG) inventory of 60GB models are still around since they have the backward compatible Emotion Chip. The 8/2007 replacement 80GB model will be software based for backward compatibility and will not do as good a job with backward compatibility.
Summary:
Time is on your side by waiting except with the backward compatibility issue on the PS3, but the inventory levels are still high on that so you still have time for even that.
Hope this helps!