Is it worth getting a Blu-Ray player (PS3) if I have a 1280x720 resolution HDTV?

toOpS03

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Is 1280x720 even HD? Its because my ''42 LCD TV was $1700NZ and other HDTV's that are ''40 and 1080p which cost $4500NZ which I don't want! Is it worth buying a PS3?? :)
 
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