Is it worth it? It's getting there. It depends on what you have to spend and your tolerance for seeing the same or better equipment available next year for less. From the sounds of it you have a higher tolerance for that than the average consumer so now it probably a good time to get in.
First, you need to get a HD display. Since you already have a projector installation your best bet is to upgrade the projector to a 1080p model, I'd recommend Sanyo PLV-Z2000 (can be had for $2200 plus $600 in mail in rebates) or the new PLV-Z700 ($1800), check out projectorcentral for more reviews and retailer links. Get an HDMI cable from Blue Jeans Cables.
Besides the improved video quality, BD also has top notch audio quality. To get the the better audio you will need a new audio receiver with HDMI support and depending on the player you select you may need to have the new codecs (MLP, Dolby TrueHD, DTS-HD, DTS-HD Master Audio) supported in the receiver. This receiver upgrade isn't a necessity though. You can use your existing dolby digital and DTS decoding receiver with optical or coaxial digital cabling to get what will be the equivalent of the highest quality DVD audio. If a title doesn't have a native Dolby Digital or low def DTS stream, it will provide a stripped down "core" stream from the Dolby TrueHD or DTS-HD streams on the disc.
On the player front I'd recommend the PS3. It plays DVDs and BDs in their many flavors. It is probably the fastest for loading BD-J titles (BD offers HDMV titles which are like DVD in terms of interactivity, and also BD-J titles which use Java for potentially very complex interactivity, including on disc games, program generated menu graphics, the use of BD-Live for downloading up to date content, etc.). Sony supports it with timely player software updates, and as the originator of the format and the gatekeeper of spec qualification testing for everyone else, it generally is first to get new features supported and benefits from seeing what everyone else is doing before it hits market. Plus you get the game console aspect of the unit. The fact it is implemented on a general purpose processor means it is more or less future proof as far as the BD format and its supported codecs go. Only thing it won't be able to handle is physical format changes, like adding new layers to the disc for increased storage capacity. However all players will suffer from that so it is a wash on that score. Regardless of which player you end up with you'll need to get an internet connection via ethernet strung over to where the player will be in order to benefit from the player updates (feature improvements, but also disc key updates, BD+ updates, etc. which are necessary to be able to play new releases) and the BD-Live features of the format.
Sony, Samsung, and LG make some good players. Sharp and Denon are okay. Personally I'd shy away from Panasonic players.
My setup includes an older (non-HDMI) Yamaha audio receiver, Sanyo PLV-Z5 projector and a PS3. I use this as a reference setup for my day job work on PC software BD playback and core software for various hardware player manufacturers.