For the TV shows still dedicated to image and sound quality this will be great. We've gotten standard def DVD quality and sometimes a little better out of "HD" broadcast, perhaps we'll get blu-ray quality out of "ultra-def" broadcast.
My concern is price and acquisition quality. We don't need to broadcast more "reality TV" with it's grainy, shaky, blown-out or dark images with sound so bad subtitles are required, a lot of youtube stuff is better. If the cost is too high and the result is more faked up "reality TV" then it's not worth it.