If you consume HD content the "legitimate" way by inserting a disc into a Blu-ray player, then no, I don't think it is. You have to put up with 7 minutes of unskippable previews in some cases, player updates that take two hours to download and install, two minute load times on two-year-old players, etc.
If you front-load the inconvenience by buying the discs, ripping them all to a hard drive, and using something like XBMC or Plex on an HTPC, then for any serious watching where you sit down for the whole show, yes, it absolutely is worth it. I wish more people had access to the convenience a media server gives; it's what content should be like in the digital age.
Edit: I'm usually about 1.5 screen lengths away, so that probably makes a difference.