Steve proclaimed 2005 would be known as "The Year of HD" at MacWorld SF 2005. We haven't seen a lot of consumer-level HD stuff this year - there's the iMovie HD edition, but that's about it. The video on the iTMS isn't exactly HD (320x240 MPEG4 video files). The only real application of HD is on the Apple Trailers and QuickTime HD Gallery. They're great and all, but don't exactly make this The Year of HD.
So, what if Steve was only off by a week or two? MacWorld SF 2006 is coming up in a couple of weeks, and I'm guessing we're going to see a LOT of HD loving there. Perhaps the next rev of the Mac Mini, complete with the Frontrow "media centre edition"? Perhaps some form of set-top box? Pippin HD?
The rumour mill is all over the Intel-powered Mac Mini speculation. If that turns out to be true, it's going to get a LOT of press, and the HD stuff will just piggyback on that.
So, 2005 is The Year Before HD. 2006 will be The Real Year of HD (And a Bunch of Other Stuff).