The Washington Times has an interesting article in their Saturday 19 April 2008 edition. Front page (of all places). In the article lies the answer for where the heck is all of the HD content that purchasers of nice, fancy (and not so fancy), new HD capable televisions should be looking for. Short answer: delayed because of costs 
The original article can be found here: Cost keeps HD programs from coming into full focus
There's a few interesting details in the original article, and for me, a fairly surprising statistic on just how much HD sports programming is and/or isn't available in the market place. I had the impression that there was much more HD sports programming out there than there really is, mostly from having seen HD on the major providers (ESPN, FOX, NBC, ABC, CBS, etc.) and in the sporting events they air. What I hadn't been aware of is just how many non HD broadcasts are going on over any given time period. Lots and lots of college sports where there's still not regular high-def broadcasts, as well as plenty of professional sports games that are broadcast in standard definition because the equipment is still 'too expensive' and just not available enough to handle all of the programming that could be (potentially) broadcast in high definition.
Personally, I really don't feel that much sorrow for the broadcasters, producers, and others involved in getting high definition broadcasts to my TV. They are involved in a business and part of the business is competition and delivering the best potential product to the hands of the consumers, as well as delivering the best product for their customers. Wait, did I separate consumers and customers? Yes, yes, I did. Viewers must remember that we are consumers of the product that broadcasters deliver, but we really aren't customers of that product, at least not until we are buying disc based content or content delivered via download but on a pay-per-view type basis. The customers for the networks are the advertisers, and it is they that will help drive delivery of more and more high defintion content through their purchase of more advertising time during high def events. The advertisers will be asked to shoulder the bill for the costs of broadcasting the events that we the consumers will be watching, and in turn we'll hopefully be buying product that those advertisers manufacturer or services that they sell.
Over the next few years hopefully the cost of all of this equipment will be covered as event the stingiest of broadcasters makes the effort and spends the money to upgrade their broadcasts of their programming to high definition. That includes local news, sporting events, and reality TV programming that continues to pervade the network schedules. Eventually we'll look back and wonder ow we ever lived with crappy old 4:3 standard definition programming and remember it in much the same way we now remember black and white only programming.