Will Blu-ray down-convert analog outputs?
No, Blu-ray players will not down-convert the analog output signal unless the video contains something called an Image Constraint Token (ICT). This feature is not part of the Blu-ray Disc spec, but of the AACS copy-protection system also adopted by HD-DVD. In the end it will be up to each movie studio to decide if they want to use this "feature" on their releases or not. The good news is that Sony, Disney, Fox, Paramount, MGM and Universal have already stated that they have no intention of using this feature. The other studios, which have yet to announce their plans, will most likely follow suit to avoid getting bad publicity. If any of the studios still decide to use ICT they will have to state this on the cover of their movies, so you should have no problem avoiding these titles
