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It depends if your CDRW/DVD player can burn DVD's. On the other hand I have a CDRW player that will play DVD's but not burn them. Plexor makes a combo CDRW/DVD+RW burner. Great unit if you are in market for one.
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Funny you should mention that, I just bought the Plextor 708A, yesterday. As I type this I'm getting the parts together and should be installing it sometime today.
My previous burner was a Plextor PX-R412C (4x burn 12x read), that I bought about 5-6 years ago. It used tray caddies and at the time I bought it, blank CD-Rs were a few bucks a pop (CD-RWs were just coming out and 1 blank CD-RW disk was something like $12.00).
My old burner used to take 20 minutes to burn a full length disc. It was starting to show it's age and it would only burn at 2x (40 minutes to burn a full disc). I got at least 500 discs out of it and probably fewer than a dozen were coasters. In the long run, my old Plextor was well worth the money. I'm hoping my new one will perform just as well.