Correct. Upconverting players don't "add resolution", they simulate higher resolution by adding pixels. It won't produce a sharper, more detailed picture like HD, but it will look smoother on conventional DVD, particularly on a large screen where the larger pixels of SD can become noticable.
Bear in mind that *all* HD displays upconvert SD in the same way as an upconverting DVD player, so in most cases, there is no benefit to an upconverting player.
Although HD doesn't provide any additional aspect ratios compared to widescreen DVD, it uses a fundamentally superior widescreen approach by encoding the widescreen image using all of the horizontal resolution that was intended for a widescreen image. Anamorphic widescreen DVD's squeeze the widescreen image into the resolution meant for a non-widescreen image.
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