I think its getting there fast. And let’s first make the distinction between HD production and SD delivery. SD delivery will be around for years, just like TV stations here in Sacramento still want their spots delivered on Beta SP. And most of my clients deliverables are SD-DVDs.
That being said, it was a no-brainer for me to go HD,using FCP ($1,000!) and a Sony EX-1 ($6,000) with SDHC cards for recording ($40/hr, if you archive them, and $0 if you don’t). No more tape, or decks, or transport disasters, or head-lapping, or just wear-and-tear… Get behind me!!
But really, in this transitional phase, it comes down to this: The higher quality you shoot, the better the end product looks, no exceptions, no matter what format you deliver on. If that weren’t true, then TV movie-of the-week producers wouldn’t have been shooting 35mm film for over 40 years. Why then, wouldn’t you want to stand out over SD producers, and get that edge wherever you can?
“Future-proofing” is definitely a valid point, but “Present-ass-kicking” will put more money in your pocket and raise your rep a lot quicker…