TFM doesn't say.
Oddly, it has no s-video inputs, but has composite, component and HDMI. It has HDMI, component, and composite (labeled monitor) outputs. I would say it implies that it does support conversion, since there is nothing that says otherwise where it tells you to hook up the TV.
We are looking at this for a Blu-Ray, cable-box, and Wii. But based on avfan9's experience, it won't work with composite. The Wii has no HDMI output, but we have the component cable. Does anyone know if it will convert the 480p component to HDMI?