Hi
Have a little read
of this
You can shoot in HDV and then downconvert in-camera to DV for editing and get to DVD as normal footage. The down converted material though not HD is by no means a "degraded" PQ as such
An HD TV will let you see the material as HD and though great to see is not an immediate "must have". your Hd footage on a normal TV should look fine (.... for now)
However if you get past the software or hardware HDV editing constraints you can
1) Transfer it back to tape and view footage off the camcorder
2) leave edited HD footage on PCs HDD and stream it to an HDTV if you have an HTPC setup or your PC is capable
3) go with blu-ray by getting a Sony viao PC/laptop which has blu ray support, get a BD blank disc and watch it on it for now
4) burn your edited hd material as mpeg2 to normal DVD. It will play on a say a Toshiba HD-DVD player ( such as is now available) as a "Mini" HD-DVD
I would personally just shoot all material as HDV, edit (use for now as down converted DV) or if edited as HDV, record back to tape and wait until the HD technologies become more mainstream. Early adaptors tend to pay a premium for kit and end up being unwitting beta "testers" of new hardware and all its bugs
You can output to wmv-hd on all software that can edit HD watch in on a laptop and output to a TV ( Im sure you knew that )