There is a CHINESE high def standard that uses the current DVD hardware (red laser). It's called HDV. They mostly use 720p/24 telecined from film, and there's no room for extras, etc. BluRay recorders are already out in Japan, they record the MPEG2 stream in all the formats of ATSC.
Since film is shot at 24 frames per second, any higher framerate is just redundant for transfer. I think most films will be supplied on HD-DVD or BluRay at 1080p/24, some at 720p/24. I'm sure all the ATSC formats will be supported, and there has been talk of a new 1080p/60 format, like the newest displays. Supporting this new res will require new cameras not yet designed, but not that far out of technology's reach... Most fast motion captures at 60 fps will continue at 720p for a while.
There won't be a necessity to replace your SD DVDs... new HD optical players will play them as well as CDs. At their current quality, of course.
The new 1080p/60 displays, like all fixed pixel displays, MUST upconvert all lesser formats for display... they can only produce one res, they can't change the number of pixels. But upconversion doesn't really produce new detail... it's just a way of putting a low res image on a high res display. Your 480i content will be displayed, but will all it's current limitations.
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