Presumably, the upgrade will provide a small but audible improvement in sound for you. (Some people won't be able to hear the difference, but they're not audiophiles.) Most audiophiles who can afford an upgrade will do so if the result is audible.
Complicating factors in your decision include the availability of formats that offer audibly better sound, like SACD and DVD-A. The price/performance value of SACD players has ramped in nicely, and you may wish to audition them, especially as new models are still being rolled out at lower prices.
DVD-A holds promise, but hasn't really achieved critical mass yet. If you like Meridian as a manufacturer, you may want to hold out for DVD-A, since Meridian's Bob Stuart appears to be one of the key figures in DVD-A. I'm personally waiting for a DVD-V and DVD-A player from Meridian at less than a 5-digit price before I buy (it would replace my aging DVD-V player). I figure Meridian will have a pretty good shot at getting DVD-A done right.
Bottom line, I would suggest saving your money for a player that could do SACD, DVD-A, and 24-bit CDs, as well as regular CDs and HDCDs. It may take a while but you know its coming.