I disagree.
Lets say someone buys a HD TV.
And wants to watch his photo album from iPhoto in Hi Def.
Plug iMovie HD to the HDV camera
create a nice HD video from the iPhoto library in iMovie HD.
Record this to the cassete on the camera.
I would buy a HD camera if I could afford it right now. I could record all the 2005 footage I need in Hi Def quality, and start editing it in iMovie and maybe storing it back to tape.
And when Tiger comes, I would burn the footage on .mp4 files with AVC encoding (h.264).
And when the Hi definition DVD comes, I would create HD DVDs
But at first we need the cameras... we need the footage...
I don't shoot home videos every day.
But when I shoot a home video I would like it to be high quality footage...
iLife Is No Place For HD (at least not yet)