I would suggest during a search for "firewire" or "DVI" on this forum. There has been a lot of discussion of this in the past.
Whether it makes current non-DVI-capable sets obsolete is up in the air and subject to debate. It may be years before use of the standard comes to fruition, or it could happen quite quickly.
My personal concern in this area stems from my extreme use of my TiVo. I am assuming an HD-TiVo will require the use of a firewire interface to the display device. I would expect content providers to force this. Note the recent suite against ReplayTV. These guys are watching the copy protection issue like a hawk.