I have one, and use it just as you propose. It upconverts my dvd player's 480i out to 1080i. Very nice picture. I also use it for my sd tivo, ld, and vcr. These pictures are improved from unwatchable to tolerable. HD sources are passed thru unchanged. I like it. Good pq and I was able to use it to help simplify my system to improve overall WAF.
There is a long, long thread about the IScan HD in the "Video Processors" forum. Click here to get there. From what I remember, the IScan HD has proprietary deinterlacer and scaler, which are supposedly superior to what you find in most upconverting DVD players and/or display devices. (And much more expensive than those, too.) I haven't seen one myself, but there is no shortage of comments in the thread mentioned above.
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