Blu Ray PlayStation 3 upconvert standard def DVD?

Does PlayStation 3 upconvert standard def DVD's?

My Toshiba HD dvd player does a nice job of upconverting. I'm considering getting PS3 in order to view Blu Ray discs.
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?
The best resource for Standard def DVD performance is hometheaterhifi

They have objective benchmarks of nearly every player.

The ps3 does not rate too well for SD DVD.

Here is the review:

Probably your best bet - would be to get a PS3 for Blu-Ray and Games, and get an Oppo for your standard DVDs.
Thanks for the links and advice
The best bet is to buy an upscaling Toshiba XA2. Its an HD-DVD player, but even if you are an anti-HD-DVD person, the upscaling capabilities of this particular player are a little better than the Oppo offerings. There is also an ethernet connection for software updates over the web is quite an advantage.
I purchased the Toshiba X-A2, and it is a monster....and I recommend it highly.

Outstanding hi-def and upscaling player.

Worth every penny.