There are a few sets available that can do a true 1080p picture. Many others will "handle" a 1080p signal and convert it to the highest resolution that the TV is capable of, often 720p. This is still fantastic compared to any regular TV you may have been watching up till now.
A lot of hype about 1080p, but very little content. Television and cable channels, very, very few will broadcast 1080p. It requires more expensive equipment, and takes up too much bandwidth, and there isn't any mandate forcing them to use this format. It is one of many high def formats that were approved. HD DVD may output 1080p, but that really is speculation. It also doesn't mean all the discs you buy or rent will have been recorded in 1080p, they could become more like the Criterion collection of higher end disc that cost a lot more than regular discs. There already is technology being worked on that may sink blue ray HD DVD or the other version of HD DVD.
Does this help you? Maybe not, but I wouldn't bother waiting, I would buy the best TV I can get for the money I have to spend. I would make sure it at least can "handle" 1080p, and if I can get on that does true 1080p great. Look around, check the variety of prices for sets in the size you want. Then think about it, why are some 50" plasma (or other tech) a few thousand $'s and others thousands more? You will get what you pay for.
Remember, the TV you buy will be cheaper later, but you can also wait and wait and wait. Buy the time your ready to buy, something else will have come out and you will be asking about it, then repeat the cycle.
Good luck, and enjoy things now.
I'm looking to buy a new tv soon (old set died) and have focused on those sets with 1080p technology. However, what I seem to be reading is that these sets are not "true" 1080p sets. Should I be concerned about this and wait until those sets are available (when will this occur?), or should I just go ahead and make my purchase?
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