It's in 4x3 format, but man does it look good on NBC (local WESH channel 2 here in Orlando). Is this slated to go HD in the near future?

No.

Vince has been testing it over the past year and a half I believe because they'll eventually move to HD. However they are trying to figure out what looks good and how to produce a wrestling show in HD when your fighters are pulling punches.

So really it's about how to be in high def and still have it look real before they'll actually put out HD programming. No announcements have been made further about the WWE and HD since they started testing it a year and a half ago, so I imagine they are still working out the bugs and figuring out how to capture it better live.

When the CW announced their 2007-08 lineup, they said SmackDown! would be going HD in January '08.