DirecTV's newest HD channels (being broadcast in MPEG4) look great, but some of the older channels still being broadcast in MPEG2 can look pretty crappy at times. The good news is that they too will be converted to MPEG4 later this year.
Please note that some channels like SpikeTV-HD and Speed-HD carry very little HD programming at this time, but will most show more in the future.
BravoHD has (to my knowledge) only aired one weekend of HD programming, and TBS-HD sucks!
The moral of this story, overall, I'm very happy with it, but even good PQ won't matter if the channel is crappy!!
~Alan
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