The problem is, commercial blurays are encrypted. As far as i know, programs that want to decrypt the discs officially need a license to do so. That's why you probably won't find any legal software that offers full playback for free.
Vlc/media player classic will play back the video files that are on the bluray once the disc is decrypted (with third party decrypters), but you won't get any of the menus like you would on a bd-player.
the only way i know how to play back bd's with full menus is to buy commercial software like power dvd.