I just started doing this a few weeks ago!
It WORKS!.... You have to test to see if your DVD player will read VCDs on CD-r and RW media though.
And the Resolution you compress to is important too.
My Toshiba 3901 will read
pressed VCds but not on CD-R/RW media. I just got 2 Panasonic RV31 r-u DVD players because my OLD Panisonic A300 died with 2 months left on the Best Buy extended warranty. (WooHoo)
It plays ALL media + MP3s
BUT... It ONLY supports 352x240
it will play Constant bitrate 1150kb/s MPEG1 (VCD)
Constant and variable Bitrate MPEG2 upto 2400Kb/s (xVCD)
Again
www.VCDHelp.com is a great place to learn.