Absolutely. But if you already have a large, legacy VHS collection, it won't be worth the cost to replace them all. With a player like this, you can upgrade the movies that you really love without losing the entire VHS collection.
Here is a mini-review. VHS is upconverted to 1080p. The reviewer says this:
"..., the BD70V makes standard VHS tapes look pretty sweet indeed. No, it's not the same as Blu-ray, or even a good DVD, but it's probably better than you've ever seen your old tapes look before."
So to us, it makes it worth the extra $100 to get the best from our VHS library. Of course, we'll test it out first to verify that the upconversion is worth the extra $100. If not, we'll keep a VHS player around.