PS3 is a brilliant investment. It upconverts SD DVD's as well as the HD players out there. It is perhaps the best Blu-ray disc player.
I will disagree with the SD, as good as other HD players upconverting. By chance I wacth a lot of old movies, and just the other night I did a direct compare with the PS3 and a HD-XA1.
The PS3 did not fair well, even to the point of turning upconversion off, and letting the TV scale itself (as well, double scale did no better, etc...).
The HD-XA1, did a much better job on that particular movie.
Movie was a 1958 flick, with the beautiful Kim Novak and great actor Jiimy Stewart.
Anyhow, I will agree it is one of the best investments, for all that it can do. Specially the media capabilities.
Will certainly save a lot of people the extra money of getting a HTPC for specific jobs.
I will also disagree that it is 'the best BD player'. Granted it is great, but for BD's my BD-P1200 (granted slower load times), has better PQ. But will only go to say, maybe about a 2% difference.