Is a bluray player a waste if one doesn't yet have an HD TV?

In a nutshell: using a blu-ray player with a non-HD TV is like buying a souped up Lamborghini that you're only allowed to drive the speed limit inside a subdivision .... over plenty of speed bumps.

...Blu ray players and discs offer two basic features above all: 1080P resolution and more extended features per movie (depending on the production). If you get a bluray and match it with a Proscan TV, you won't see any improvement on the picture. The picture will not 'overwhelm' your tv. High Def images really add resolution lines that standard TV's will not pickup, but HD TV's will. Most Sony players are equipped with standard video output (composite) to connect with non-HD TV's. At the least, you'll be able to check out the extra features some studios include with their Blu-ray releases. P.S. most blu-ray players also play standard DVD discs too.

I will not be able to enjoy the improved picture quality - this is a main feature. The prices will keep on going down - so whatever is a "deal" today - will be a regular price tomorrow. BD players went down from $500 last year to under $200 today.

I strongly suggest use this holiday season price reduction to get HD display (as large as you can afford it) - and then go for the player. Get at least 42" - on 27" display you will be hard pressed to see the difference between DVD and BD, even if the screen is HD.

The blu ray player will output ordinary TV (480i) and the picture will not be worse than a regular DVD. It may very well be better.