Yeah, it'll probably upscale BDs, and other video, like the PS3 does for 1080p now. They didn't say, but I'm guessing the BD-ROM drive in it is at least 2x speed, that's enough to also do the 4k UHD BD spec that's floating around in draft form right now.
Pioneer PDP-5020FD, Marantz SR6011
Axiom M5HP, VP160HP, QS8
Sony PS4, surround backs