Without being familiar with the exact model my gut instinct says that you will not notice a difference in the upconversion of standard DVD's with a bluray player. I would say buy a bluray player for blurays, not for upconversion.
However, I use a Toshiba HD-DVD player as an upconverting player for my standard DVD's, because it seems to work better than my 360 and I don't have another upconverting player. (actually I just got a PS3 but I haven't watched any SD DVD's on it.)
I would reccomend getting a netflix account if you plan on renting any more than 2 blurays per month.
