First:
Everything is better in Blu-Ray and with Bluetooth.

Second:
It depends on the RAM your Blu-Ray Player has and the features on the disc.
This is probably the cause of the long load times.
You might try timing it in your Magnavox and then in your PS3. (One movile will not kill your PS3).
Personally, I am more concerned about the picture quality and frame-skipping/lag during movie playback.
I was using the PS3 as a Blu-Ray Player (One reason my wife let me buy one

) and it does work very well.
We now have a Samsung BD-P4600 Blu-Ray and I think it actually works better.
As to your original question, neither of these players seem to have really long load times.
If the picture quality is good with the magnavox, I think that any extra load times are offset by the price you paid. (I thought it was a pretty good deal @ $128.00).
A more important test would be to see what regular DVD playback looks like as I assume the Magnavox will upscale it. Most negative comments I have seen about Blu-Ray players relates to the quality of the upscale.
(The PS3 usually gets good marks here as well)
ETA: I would have bought the HP movies also, but they were all gone from my walmart.
