I've got an HD set and the only HD content I have for it is the 360. I'm going to get an HDDVD drive eventually, but as far as HD TV goes... well, I have plenty of options to get it, but since I don't have an HD DVR I don't watch it.
Next year, after my one year contract with TiVo is up I might switch to a Dish and get a free HD DVR from them. I might also get another HD set with it, if prices get low enough to warrant a second one. My current HDTV is a 30" 1080i CT model. Decent TV, but just decent, not great or ever really good. I bought it cheap knowing that I would replace it with a larger flat panel when the prices were better and the CRT would make a perfect bedroom set - widescreen for movies, HD for gaming, etc.
Eventually I'll replace my widescreen 480p projector (InFocus 4805, for anyone curious) with an HD model, but not anytime soon. Even at 97" the 854x480 pixels of the 4805 and a decent DVD player look really good. When I can get a good 720p projector AND an HDDVD player for <$800 I'll upgrade.
Almost there, now, really if you get a good sale on one of the Toshiba HDDVD players and a refurbed PJ.