Blue ray player upscale a backup to a decent picture???

I know the new blue-ray players will upscale a regular dvd(8 gig store bought) to near hd quality, but what about a backup copy of a movie burned on a 4.7 gig disc downscaled with dvd shrink? I am going to buy a new 1080p lcd westinghouse monitor and I was wondering if there is any hope of my 4.7 backs looking good on a hdtv. Do the new blueray players upscale it better then the dvd players out now that can upscale?