I don't have that, either.
Get shopping my friend.. Heres the skinny on that. While most if not all BD players have a composite out for down conversion there is NO requirement from the BD consortium for a movie to have the built in software for the down conversion. At least for BD movies.
This might be a stupid question, but
what is the point in buying a BR player to play expensive BR movies when the person still has a standard analog TV?
I'd be more keen on taking the $150, saving up a bit more and getting a decent little 720p LCD, and then getting a BR player when they are even
less expensive.
I wouldn't be surprised to see a $100 BR player this Christmas, with name brands coming in around $20 more for a basic player.