Should I rebuy my movie and get Blu-Ray?

Brownstone21

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I'm planning to buy a PS3 to use it as a Blu-Ray Player. I want to know if it is worth rebuy my favorite movies so I can get the best audio and picture quality. I wanted to know especially about older movies (one shot before HD) such as The Fugitive and A Christmas Story. Will it look High Def?

And what about more recent films? Is that a sure things that it will look awesome with Blu-Ray. I thought about rebuying a couple of my more recent films.
 
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