Audio from Blu-Ray players-how is it?

Hey Guys, I've been thinking about going the blu-ray route finally and wondered how the audio portion is. Is it good enough to use the player for an audio (cd) source? I had entertained the idea of up grading my universal player for a dedicated redbook cd player and adding the blu-ray for video. Thoughts and or suggestions appreciated.
Blu-Ray is an excellent audio source. A way to check that out is the L2 discs that it issues in Blu-Ray with a companion SACD. I've used my PS3 as a blu-ray player and it is great sound. For now the Oppo 83SE is the best player, all formats.
My Marantz BD7003 does an excellent job on standard CDs. Great sound. I don't use it for that purpose but it does an outstanding job on pure audio. The newer Marantz BD units are supposed to be even better. The audio signal path and circuitry was redesigned for improved audio. I can't imagine it sounding better!!
Just got back into town-thanks for the input. Gives me some food for thought. Certainly, having 1 player is more desirable than 2 if you can pull it off.
I have experience with the Pioneer BDP-09FD, one of the best "Audiophile" grade Blue-Ray players at this time.

This unit in conjunction with the Audio Research DAC7 sounds awesome, killer sound stage (deep, wide), great imaging and low noise floor.

I was using my PC->USB->DAC7 for about 3 weeks (.wave format) and yesterday popped in a CD into the 09FD with "Pure Audio" on, I was taken back. Now I need to fix up the USB audio from my PC because now I can't go back to it!

The Pioneer is a $2200 player though! If your processor does not do decoding of the HD formats, and your budget fits, get the Pioneer BDP-09FD.