Will PS3 play CD's and Upconverted DVD's?

[markw]

I plan on the PS3 being my first blu-ray player. Actually I preordered one at FYE today. My question, where I'm adding this the TV just has one HDMI port. Currently that's used for a Samsung upconverting DVD player. I use that to play DVD's as well as CD's since I have no other CD player on that stereo. I know when I get the PS3 I can get a switchbox but I'm hoping to use it as a blu-ray player but as well a cd player and dvd player. Will it play both CD's and DVD's? As well if it does play DVD's will it upconvert DVD's like the other blu-ray players? I would hate to give up that feature of my dvd player.