The last time I found a Blu-ray player with BD-Live support in this price range, it was a refurbished Sony model that sold out in about 10 minutes.
Right now, Amazon has an even better deal: a new Panasonic DMP-BD60 Blu-ray player for $128.23 shipped. Regular price: $250.
This player not only supports Profile 2.0 (meaning it can play the BD-Live features found on some discs), but also performs such nifty tricks as streaming Amazon On Demand and YouTube video, accessing your PicasaWeb photos, and fetching weather and stock reports.
You'll need a wired Ethernet connection to take advantage of these goodies; the DMP-BD60 has no Wi-Fi capabilities.
You'll want to read CNET's review of the player (and/or watch the above video), which is mostly positive but concludes with a mere three-star rating.
Apparently users don't agree with the criticisms, having rated it four stars out of five on average. And on Amazon's product page, the DMP-BD60 averaged 4.5 stars.
In other words, this high-end Blu-ray player rocks. And it's unheard-of to find so many advanced features for just $128. If it supported Netflix streaming, I'd call it a must-buy. As it stands, it's a must-consider.