I'm not sure why most of you are telling gastrof not to bother with getting a BD player. Fact is, wheather it takes one more year or 10 more years, DVDs are going down and BDs are going up. If you have an older TV, it is still worth getting a BD player and starting up your HD collection, regardless of the playback on his TV not being HD. That way, when he does get a new TV he would not have waisted his money on junky DVDs which will NOT look good on the new TV at all. Not everyone can get everything at the same time.
Gastros. Get a BD player, and start your BD collection. Yes almost all BD players that I can think of have composite. In 1-5 years, when you get an HD tv, you will have all your backlog of discs being in HD format. It is good prethinking in getting a BD player now. The quality will be the same as your current DVDs, and can only get better once you get a new TV.