You can encode and make a hi def DVD right now, but the catch is that it will only play back on a Mac G5.
You can also encode for WMV HD and deliver it as a file to be played out of the computer and through an HD monitor/projector.
Next year there will be HD players available in the US & EU. Japan already had HD recorders two years ago, but they won't be compatible with the new ones.
Yes, I am a nerd.