Absolutely: if you shoot in HD ( no reason why you should not)
You can play back on an HDTV with HDMI or component right away as HD
Only if you use composite

( or s-video) will you get SD
Similarly if you capture to a PC you can watch it off the HDD as HDV ( which is an mpeg2 high definition file)
It differs to DV AVI ( from SD) in pixel size though encoding bitrate is actually the same at 25mps
It differs from SD Mpeg2 both in pixel size and encoding bitrate
HDV mpeg2 files are transport stream and have the suffix *.m2t
HDV content can be used to make "normal" DVDs either by conversion on the PC after capture
or by recording as Hi def, but capturing by firewire as SD ( the camera downconverts "on the fly") leaving the hi def content on tape intact
To watch it on the TV ( apart from using the camera
You could stream it off a PC
Make mini HD DVD discs, (If you have an HD DVD player) or AVCHD discs ( if you have a Blu ray player) from ordinary DVD discs
If you have a PS3 , it will play the m2t files natively
There are media streamer devices ( like Popcornhour :Used and loved by rhubarbe on here ) and other devices which you can play back Hi def footage to TV on without needing to use the camcorder