Blue Ray looks much better than the 480p. But you won't get the most out of it because you have a 720p television it's still better but to get the best you need a 1080p television
WRG said it's overrated because he probaby still has a analog television with the oven knob to change the channels with the clothes hanger for a antenna. You know he was mad when it switched to digital
480 DVDs? Not sure what you mean.... if you have HD surround sound system installed then yeah get a blu-ray player. If not, invest in a sound system first.