PS3 or BDP-S350 for upconverting?

I’m new to Hi-Def. Just bought a 50" Samsung and I need a Blu-Ray player. I’ve narrowed it down to the PS3 for Blu-Ray and ease of Wi-Fi (will rarely use it for gaming, I’m too old for that) or the BDP-S350. There is so much info to wade through out there it is overwhelming. I’ve read the PS3 is still one of the better Blu-Ray players out there and now it does upconverting of standard DVDs. That is my main consideration. I have quite a libray of DVDs and they now look like crud when played on the new TV with my old standard DVD player. Which of these two will do the better job of upconverting or do they basically have the same technology and are therefore equal? I can get the PS3 tomorrow (only) for $350 and the BDP-S350 for $250. The $100 difference doesn’t matter if the PS3 is the better of the two.

I’ve read the PS3 is still one of the better Blu-Ray players out there and now it does upconverting of standard DVDs. That is my main consideration.
All blu-ray player is also DVD upconverter.

I would pick the PS3 since it’s more than just a player. It is also more compatible with burned Blu-ray discs if you ever need it.