I have a big monster TV that can be upgraded to HD. I am confused as to the value of HD, since I do not watch sports. Will they have to re-release movies in the new format? Will everyone's present libraries of movies become obsolete? I don't own many, but Peter Jackson (Lord of the Rings) has made a lot of money off me...
"Will they have to re-release movies in the new format?"
Studios will and right now there are two competing formats with studios lined up on both sides.
"Will everyone's present libraries of movies become obsolete?"
I believe there will be manufactures of DVD players that be backwards compatible. How that will mix in with the two competing HD DVD formats, I don't know.
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HD provides an excellent picture. It's not just sports. One of the HD channels in my area is the Discovery channel and the picture is stunning (on segments that utilize HD to its full potential).
Your current DVDs will still work on your HD TV and the picture is great. I'm sure they will release HD-DVD's in the near future but the increase in picture quality will not be enough to warrant upgrading all your DVDs as the picture quality is already quite good with existing technology.