I will issue a lone "no." It's worth having a HD-ready set, because of DVD, especially HTPC DVD. The set and HTPC were good investments. However, the HD receiver isn't worth it for just HBO-HD and Showtime-HD, which is all the HD I can get. The picture quality on HBO-HD is hours and hours of mediocre punctuated by moments of sheer ecstasy, and the quantity of HD on Showtime-HD is minimal though the quality is impressive.
However, Showtime's Stargate SG-1 almost singlehandedly makes up for the paucity of high quality HD transfers and almost makes the monetary investment worthwhile. This is ironic, since Stargate SG-1 isn't even in HD itself - it's just a good upconvert.
Where I live, only CBS is broadcasting in HD, and it's utterly impossible for me to receive CBS OTA (or on cable, for that matter.) My local CBS won't give me a waiver to receive the CBS feed from Dish. Yeah, okay, I could buy a 14' bass boat or learn to drive a semi or pretend I live in Canada, eh? But there is no cheap and ethical way to circumvent my unethical local CBS station. If I could get OTA HDTV, I would probably be more excited about HDTV.
I would also be more excited about HDTV if I didn't have a HTPC. State-of-the-art HTPC DVD playback is superior to the best upconverts you see on Showtime-HD (and HBO-HD), to give you some idea of the quality. Comparing HTPC DVD to poor quality HBO pan-n-scanned HD transfers, the delta is modest, and I'd actually prefer the DVD for its original aspect ratio.
<FONT size="1">Philips 60PP9601, join the Philips_HDTV discussion group
DirecTV + Sony SVR-2000 TiVo upgraded to 128 hours basic quality
Dish 5000 + HDTV Modulator
HTPC: Duron 750, K7 Master, Radeon LE, AccessDTV, Cybermail, Audiophile
Kenwood VR-407 receiver & subwoofer, nOrh 4.0 marble center speaker</FONT s>