The value of my PS3 has already increased significantly... or at least as much as the value of my (now) useless DVD player.
Even with the PS3 taking over DVD upconverting duties from my (very recently purchased) DVD player, I still was leary of getting rid of it... mostly for its ability to brilliantly and easily play my entire collection of movies and TV shows on my computer. Only catch was I had to put whatever I wanted to watch onto a USB drive and plug it into the front of the player. Still.. quite simple and very worth the trouble.
Turns out the PS3 can stream media from other sources. Also turns out that Windows Media Player 11 can share my current collection to the PS3 (I had at first tried a program called TVersity for this, but had nothing but issues).
All of my files are divx or xvid coded avi files, and WMP doesn't seem to have that much trouble streaming them to the PS3. I just have to search for the media server and browse through what I have. I had a couple little issues at first but I was able to watch an entire episode of Top Gear without much trouble.
The PS3's stock just went up in my book and I may be able to get rid of my DVD player after all.