Panasonic Blu-ray player + VHS: silly or practical?

I can't decide if Panasonic's DMP-BD70V, a combination Blu-ray player and VHS VCR, is akin to a bird and a fish deciding to get married, or is actually pretty practical.

While you're deciding, consider the deck connects to your HDTV via HDMI only and your old tapes will be upconverted to 1080. Panasonic didn't have a demo hooked up, so I don't know how good or bad old 240-line tapes will look boosted to 1080. It's also a BD-Live deck, and includes both a USB and an SD card slot in front.

Okay, I think this would have been a winner if the BD section could record on either standard definition recordable DVDs or even on Blu-ray blanks, although that addition would have raised the price far above its intended $500 price tag. It'll be out in the spring, so you have until then to decide its merits.