Well to keep up with the coolest tech gadgets I went and bought myself a blu ray player. And I got it set up with my 2 TB hard drive wireless because I wanted to test the Homelink feature. And well needless to say it worked. But it can't play .m4a files and I've been Googling a way to get a good video converter to fix this problem. (itunes only sells in m4a or aac)

Anyone know any sites or software?

I'd say the best way to consume Blu-ray media would be to purchase a BD-ROM drive for your PC; mine (a Sony BDU-X10S) set me back around £45 a couple of years ago. As it uses Windows software updating is easy and load times are around a couple of seconds for most discs (in reviews for dedicated units I had seen load times of just under a minute described positively - though looking at the reviews for your particular model they mention around 20 seconds, so it looks like they're finally getting up to speed).

Either way, in terms of media conversion software, I daresay someone can jump in with better suggestions than me; about the only one I've found that works is the ghastly SUPER © (I don't usually need to convert media, as I watch everything on my PC).

Which films do you have on Blu-ray? Blade Runner, 2001: A Space Odyssey and The Thing all look gorgeous in the format.

I'm inclined to agree that a PC BD drive is the way to go, at least until the technology matures further. Especially as the format is still seeing fairly frequent updates, it's nice to have the ease of updating inherent in a mere piece of software. I personally have a Lite-On iHOS104 drive which I got for about $60 around a year ago in my main machine.

Anyhow, SUPER tends to get the job of transcoding done pretty well without too much fuss. I generally prefer to invoke ffmpeg manually, but that's probably more trouble than it's worth for most users. SUPER is mostly just a GUI for ffmpeg anyway, so you get the same general feature-set.

A quick Google seems to imply that this 'Medialink' is really just DLNA, meaning you have a number of options available as a server, some of which won't require you to manually transcode content.
I run mediatomb on a machine for streaming to non-central machines on my network, and that supports on-the-fly transcoding, so you don't need to keep different formats around. There are a variety of other options around, some of which are also freeware, so you can probably find one that meets your needs for platform support and transcoding ability.

I also voted no. Besides the fact that I have no dedicated TV and watch any DVDs on my computer, I haven't yet found any reason to get a Blueray drive. Benryves is working hard to convince me that HD video is worth it over DVDs, but I'm not yet convinced.

It does also depend on the source material and how much work they did on the transfer. Older TV programmes that were shot on SD video will not benefit from HD, for example. However, there seems to be a bizarre notion that HD is something new and that older films aren't going to look any better on Blu-ray than on DVD - even though the film most films are shot on is significantly higher resolution than HD anyway. The difference between DVD and Blu-ray is night and day on decent equipment.

Edit: I'll just drop this here - a comparison on DVD and Blu-ray screenshots.