Yes, I've had my vcr connected to the dvd recorder for three years.
Records absolutely no problem and the quality is exactly the same as the video tape.
If you have a VCR already it is totally pointless buying another as part of a combo unit.
Mine is a philips dvd hard drive recorder which 'archives' or burns to dvd disk. Although the recording part is in real time, the final burning takes less than 4 minutes. The advantage is basic editing can be done before burning - removing adverts and unwanted bits.
Another advantage of my setup is I can record to both video and dvd recorder at the same time - from the tv - if I want to. My hard drive recorder is connected to my cable tv and the video is connected to my aerial.