I, for one, want high defintion content. NTSC sucks now, sucked yesterday and will continue to suck moving forward. It needs to be put to pasture, and good riddance, IMO. Don't have much experience with PAL so can't comment to it's pros or cons.
I disagree with the above poster who mentioned the need to upgrade all of your equipment. The vast majority of folks who own hi-def display devices are watching DVD's at this very moment, and believe they are watching high definition. There is so much bad information out there, confusion alone has stunted the growth of high definition. Sound equipment does not need to be upgraded to enjoy high definition movies. The new Dolby and DTS codecs are backward compatible with 5.1 (or 6.1 if you're inclined) systems. Besides, mainstream folks have already demonstrated that sound quality isn't nearly as important to them. MP3 is the audio standard today, and many believe it's 'just as good as CD', which I believe is truly sad, but that's just me.
Of course a new player will be needed, but is that really a bad thing? DVD isn't going away anytime soon. I don't think the world really needs to see, oh say Casablanca, in 1080P. DVD works fine for most every title in the studio's movie vaults. The new formats are for current movies and moving forward. That is merely my opinion and no doubt someone will decide to release everything in the new format. The market will play out, and it will be apparent whether older movies need the update or not.
All that said, I'm not jumping in until the market has settled on a single format. Maybe I'm only kidding myself, time will tell. The industry would be making a very foolish mistake to force consumers to decide. As mentioned, SACD vs. DVD-Audio all over again, if it's not careful.
The world does need hi-definition. Cooler heads need to prevail to allow that to occur.
One final point, the industry needs to squelch their nonsense with 'downrez' content and display devices that don't support HDCP. Telling the early adopters to buy new sets is beyond ridiculous.