Well I bought a blu-ray drive as well and I hooked it up for the first time today to my macbook pro late 08 and I wasn't happy with the results. My blu-ray drive came with a stripped down version of power dvd blu-ray version 7.3 and pirates of the caribbean would not play smoothly despite the fact that hardware acceleration was on and cpu was only 10-15%.
I had two problems. 1). Is that I kept getting an audio crackling problem because of the way vista handles wireless or something. That was solved by install Vista Anti-Lag. 2). Power dvd crashed and then froze (no BSOD though).
Maybe I had to restart? I don't know I'm going to give it another shot later tonight but first time around I wasn't too happy with the results.
Personally, I'm going to re-encode my blu-ray movies to fit onto dvd-9 and play them through a media center application (maybe boxee or plex) and not bother with windows. No windows, no external drive. We'll see what kind of results I can get though.