Does the PS3 upconvert DVD's???

Does the PS3 upconvert DVD's? I was thinking of buying a surround system for my TV and I noticed that you can get a DVD player upgrade with the system that upconverts DVD and played through an HDMI cable. My questions is Does the PS3 do the same thing?

Thanks

With the addition of my monoprice.com HDMI cable my PS3 became the default DVD player in my setup. It does a great job.