Upscales, yes. Can't speak of how it'll work with your display, that's probably something only someone with both can answer.
It's an ok dvd player. Not the best you'll see, but it does the job. I can't help but think that one of those cheapy DVI players would do just as well, and be easier to use from the sofa.
Then again, the mini does a lot more (iTunes, non-DVD media etc).