Blu Ray PlayStation 3 upconvert standard def DVD?

The latest firmware is supposed to allow upscaling to 1080p.

i bought a PS3 for BR and i love it. It is the best product i have purchased for my system in many years.

I know this is a little old but...

Is it confirmed that the PS3 upscales Standard-Def DVDs to 720p, 1080i, or maybe even 1080P

I am thinking of buying one (for games and such) and I'm wondering if it would make a decent DVD player too.

Thanks in advance

You may want to do a search over at the AVS forums, where theres a ton of info on the P3 in the blu-ray player forum. From what I've read, I understand the P3 to be an exceptional blu-ray player, but a very average SD def player. But since you've got the Toshiba, do you really need the P3 to be good on SD as well?