Not exactly. It will support an HDTV input, it does project images at an apect ratio of 16x9. But it does not project an HDTV image.
The resolution output is: 854 x 480 (16:9). The 480 is the key number here. HDTV broadcats (and the Xbox360) is 720P or 1080i. 480p is the same as a progressive scan DVD and is NOT HD.
My personal opinion, projects are still pretty costly. I wouldn't suggest doing anything less than $2500 at this time. And you will be putting in a $500 bulb every 1,500-2,000 hours. So, projectors are still costly.