The bottom line answer is: It depends!
Rear projection CRTs have the unique ability of accurately displaying the resolution that is coming into them. DVDs native resolution is 480p and most DVD players output native 480p to your TV, which means that you won't be watching some screwy version of 480p.
But, if you have a DVD player that converts the 480p to 720p or 1080i, then it is not actually putting out native 720p material, it is putting out processed 480p. The TV may do an excellent job of showing the material, but you are hoping that the processor inside your $200 or $300.00 upscaling DVD player is better than the processing that is done natively inside your television.
Which, of course, you won't know until you actually see it unless you can find an actual review online of the DVD player and your TV with that comparison made. Not likely.
Go to Best Buy, read their return policy carefully, then buy one and see if you are happy with it. If not, return it because you aren't happy with the quality. Do A/B tests between your current DVD player and the new one. If you are happy, then keep what you bought.