How Does XBox Stand Up as a DVD Player?

Luddite Joe asks: "I'm planning on buying myself a DVD player for Christmas, spending maybe 200 bucks or so. I've also considered that I might buy an Xbox a couple of months down the road - but that's less certain. So I think to myself, the Xbox is a DVD player, right? If I hold off a couple of months and just buy the Xbox, I won't be wasting money on a DVD player that is almost immediately redundant. Keeping in mind that I'm buying more or less a low end, single disc DVD - how do the capabilities and quality of the Xbox as a DVD player compare? I don't want to sacrifice quality or features (or level of DVD compatibility), as I can get a pretty decent DVD for what I'm planning on spending."