Should I get the new Apple TV if I don't have a digital TV? I have been considering buying the new Apple TV. Maybe the biggest reason is for Netflix streaming. However, I do not own a digital TV, and the only output on the Apple TV is HDMI. I could get a box to convert HDMI to analog RCA but the only ones I can find are more expensive than the Apple TV itself.

I could use a new DVD player, so I'm thinking maybe I should get a Blu-ray player with analog outputs and Netflix streaming capabilities as an alternative.

What do you think? Would it be worth it to buy a converter box, just so I can get the fancy new Apple TV? Or would it be better for me to invest in a blu-ray player?

Update: I decided to go with a Visio blu-ray player. It works pretty good. If I didn't need a DVD player, I would have gone with a Roku player instead.
I don't think it'll work. According to the Apple TV's tech specs, playing protected content (which I imagine means the one you'll get from iTunes rentals and Netflix) requires HDCP, so using a converter box probably won't work. At least the ones I've found online after doing a quick search specifically say they won't work with HDCP.