Probably a stupid question... Blu-rays on a SD television?

[User Name]

Because of the price drop, I recently purchased a PS3 (it's on the way from Amazon). I do not (yet) have an HDTV. Will I be able to view Blu-Ray movies on my PS3 using my standard television. I know that if I do so, the picture will not look as good as it would on an HDTV. I ask though because I do plan on eventually getting an HDTV and I don't want to waste money on regular DVDs that will be obsolete in a few months (hopefully) when I have an HDTV and a PS3/Blu-Ray. I assumed you could until I went to add a Blu-Ray to my queue in Blockbuster and it made it sound as if I needed a Blu-Ray player AND an HDTV in order to play the movie.