That's about the gist of it, yes.
The Samsung 1400 is profile 1.0 and will always be profile 1.0 - it doesn't have the necessary hardware to deal with PIP (picture-in-picture) special features - which is generally things like visual director commentaries and that sort of thing. Since PIP support is mandatory for both Profile 1.1 and 2.0, the Samsung can't be updated to them. Profile 2.0 is basically Profile 1.1 plus internet connectivity for online interactive special features (currently very limited in their implementation).
As for whether this matters - well it depends whether those sorts of special features are of any interest to you or not. If they aren't then a Profile 1.0 player will be absolutely fine - it will play the main movie feature and most special features of any future disc. Of course there is always a chance that there will be unforeseen compatibility issues with future discs, but in terms of the way the Blu-ray Profile system works, a Profile 1.0 player should be able to play any Profile 1.0, 1.1 or 2.0 Blu-ray disc - it just won't play PIP or net-enabled features, and the Samsung player is firmware upgradeable so any incompatibility issues outside the Profile system should be able to be corrected if they arise.
Personally though the only standalone Blu-ray player I would currently be considering is the Panasonic BD30 (which is Profile 1.1) as most other current standalones tend to have very slow load times, while the Panasonic is supposedly quite quick. There doesn't seem to be much between the current players in terms of picture quality though - they are all great in that department. Only other thing to really worry about is whether they have the audio options you want (i.e. if you want to take advantage of the hd audio formats or just make do with normal Dolby Digital and dts).
Overall the PS3 is a very tough player to beat though as it is now the first Profile 2.0 player available, it has the fastest load times, great picture quality, great hd audio support, great upscaling of DVDs and of course is also a games console, networked media player and more. It may cost a bit more than the current standalone Blu-ray players, but you get an awful lot more return for paying a relatively small amount more.