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My favorite brand of blu-ray player has always been LG
The dirt cheap players may have compatibility issues and a limited range of CODEC support.
Actually the opposite is true. The cheap players are generally more compatible or easily hacked because they are made all in one run for all region use and then programmed to a region via the IR remote just before being packaged and sent to that region.
Maybe for region codes, but my experience with cheap players is that often they will not play anything other than standard blu-ray encoded discs, so if you try and play non blu-ray formats you get squat.
The newer LG players will play almost anything, so you can throw a bunch of downloaded Flash FLV video files along with a half dozen other formats and the LG player will happily play all of these files. All you need to do is throw your videos files on a BD-ROM ( or CD-ROM or DVD-ROM ) disc and away you go. No blu-ray authoring or formats required.
but honestly I've never had to run anything other than BD or DVD through any of my players since no paying clients would ever want the other non standard disc formats.
That is very true.While multi-CODEC compatibility may not be required, there is no down side to having it.