C1000, if you get yourself a Blu Ray DVD player, and connect your new TV to it via the HDMI input, you will see a massive improvement, and where the extra money has gone. Remember also that if you use the HDMI output of a Blu Ray player, even normal/standard DVD movies will be upscaled unto 1080i/p which will increase image brightness and give you superior edge to edge sharpness. Not sure if your Phillips TV locks out upscaled content though, some of them do, so you might be limited to a maximm upscaled image res of 576P. This will only limit standard DVD movies though, and not being familiar with the Phillips TV, not sure if it locks the image res via the HDMI 1.3 or not.
Regardless of HK's lack of free to air HD terestrial transmission, you can fully enjoy HD-DVD or Blu Ray movies at the native 1920 x 1080 resolution, and you'll be gob smacked by it.
Also, if you plan to buy a HD video camera in the near future, another device that will compliment the quality resolution capability of todays HD ready tv's.
I borrowed a friends PS3 to see what blu ray looks like on our 42 inch Plasma and our HD LCD projector @ 90 inch diagonal, and its just awesome how crystal clear it is. And that was using a crappy PS3, not a proper dedicated Blu Ray player.
Sony's BDP-S1E is probably the most popular and best value Blu Ray players globally, pretty much sold everywhere in HK too. Picture below.
Dont worry about HD tv content in HK, because its going to take them a very long time to sort that situation out. Concentrate on all the other software thats available to you, via the new HD/BluRay video formats, and enjoy them on a full HD screen.
