Blu-ray vs HD digital?

Yup there are several ways. You can use MakeMKV or DVD FAB to rip a complete copy to hard drive. Then use Media player Classic Home Cinema or something like Power DVD. If using across a network, it would be better to use hard line Ethernet. Because the transfer speeds are very high when streaming Blu ray, a wireless network won't be fast enough to handle the bit-rate.

I would add a Blu ray drive and ATI video card that allows bit streaming to a HTPC(Home Theater PC). This way you can play your BRs directly or you can use it for streaming network movies and shows.you can also use it as DVR for OTA or cable TV.

The HTPC allows you endless tweaks to video that standalone Blu ray players don't.

If you're a plug and play guy get the standalone. If you are a tweaker an HTPC. I rip all my movies to hard drive and share with the other PCs in the home. This way anyone on the home network can access the recorded TV shows or ripped movies. Every TV in my home has a computer plugged to it.