There aren't many reliable WiFi repeaters. I would say that the AirPort Express is actually on the cheaper end. However, this will cut your raw bandwidth in half. If you are merely streaming from Netflix/Hulu/whatever on the Internet, it probably won't be a problem. However, if you are streaming HD quality files over a repeater you will likely notice some performance issues.
The best way to do what you want to do would be to run Ethernet to the BluRay player. Failing that, I would recommending running Ethernet from the AirPort as near as possible the BluRay player, then attaching an access point.
