Is blu ray really that much better?

I'm about to get a 26'' TV that supports HDTV so I'm thinking about getting a Blu Ray Player. It's pretty expensive but I can muster up the money to buy it. I collect mostly TV Shows on DVD and Lost is my favorite show...it looks really great on DVD but I can only imagine how great it would look on Blu Ray...so I'm thinking about buying it on Blu Ray too. Do you think that it'll make that big of a difference? Is the money worth the quality? I know its 5-6x better than a DVD..but can you really see THAT big of a difference when you're watching it?