Yes and no.
Yes, it will still look awesome on a pure HD broadcast brought in with component cables. To that end I have a regular SD TV and the HD feed coming in through S-video looks amazing compared to regular SD. Right now NBC is showing most of their prime time shows like Law&Order in widescreen in SD, so it is a good comparison.
However for the Super Bowl we brought in a true HD TV, and there was no comparison. My TV looked like a washed out signal by comparison. Of course a couple of days after the HD TV left mine started to look good to me again.......... but I'm still itching to get a newer TV.
Not sure where you are on the purchase end of things, but part of the reason TV's are on sale now is new models tend to come out mid-spring. And the current trend of silly sale prices tells me next year's TV's will be a lot cheaper.
The other thing to take advantage of with an HD broadcast is the 5.1 sound. If it's done right a football game sounds amazing. Once I had to turn the rear speakers down because the idiot fans behind me were banging on the bleachers. (OK, maybe a little too realistic there.)
Back to your ED TV, don't get me wrong; it should still look good. I was at a buddy's house this weekend watching the Oilers/Flames game on an EDTV and it looked great. But an HDTV will look just that much better.
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