Download Media Player Classic Home Cinema (Free). Just Google it to download. The latest versions now natively play Blurays movies (no codecs required). You will, however, not get access to all the fancy menus and extra features but you should be able to play any extra video (ie - making of the feature, etc) and should be able to access all additional audio tracks (ie, director/cast commentary). I believe Media Player classic also now supports full bitrate lossless audio format output (ie TrueHD), which PowerDVD apparently downsamples.
To Use Media Player Classic to play Blurays, open up the STREAMS folder on the disc and look for the largest mts file (usually 0000.mts or 0001.mts)
Or you could shell out $$ for Cyperlink Power DVD... to be able to see the pretty menus and have to wait for adverts/piracy warnings, etc.
If only Media Player Classic HC would play HDDVD natively! I have to track down how to get it to read EVO files...