This is being heavily discussed at engadget.com and tivocommunity.com, but here's the quick summary, as I understand it.

TiVo:
- TiVoToGo is finally shipping. Works with standalone, but not DirecTV units.
- They're planning to support CableCard in 2006.
- Humax has integrated Tivo into a 26" LCD television
- A next generation of HMO ("TiVo Desktop 2.0") will support Internet video purchase download.

DirecTV:
- Announced their homebrew TiVo replacement (shipping mid-2005), but no HD support
- Announced the delivery of HD local channels in some of their bigger markets on a new satellite (second half of 2005), transcoded into MPEG4 at half of the original MPEG2 bandwidth, requiring a new dish and new set-top box to receive
- Announced a new "Home Media Center" (shipping in 2006) that sounds like TiVo HMO

Now that I've gone to the trouble of putting an OTA antenna on my roof, and it works pretty well with my HD-TiVo, I won't feel any need to get HD locals from the satellite. The only thing that might nudge me away from my current setup is either DirecTV dropping support for it or some competitive box that offers show extraction and other integration features with the home computer.