I own a Oppo 981HD that I use with my main upstairs 65" HDTV. The picture quality upsampled is excellent . . . but will never = HD. That said, the unit can play just about any format you throw at it (including dual layer DVD r+). Ofcourse it won't play Blu and HD-DVD. For the price, you really can't go wrong.
However, on the downstairs system I have the 20gb PS3 hooked up to a smaller HDTV. The blu-ray image is excellent. Prior to the software upgrade, the regular DVD upsampling was poor (for old PS2 games too). With the software upgrade the upsampling is quite good. The unit is also basically a computer that can also serve as a media player, game system, blu player, DVD player, and limited internet browser. I guess what I am most impressed with is the continue efforts to software upgrade the unit post purchase.
All that said, the cost of buying a hi-def disc (either format) is prohibitive to me ($25-$35 each) . . . I'll wait another year to buy a combine HD/Blu player for the main living room . . .