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I'm sure everything will be worked out eventually, but it will be many years before we have the equivalent of a HDTV VHS deck.
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Actually, they are already out and I own one. They can playback DVHS tapes and record HD over a firewire connection. I have a new cable box that has a hard drive for time shifting and a firewire output for dropping to HD VHS tape (or SVHS tape after modification). This is the best of both words.
In retrospect, if I had to make a choice, I prefer a hard disc Tivo-like ability over tape. I had the choice a while back when a company called 169time was making it possible (and still is) to record HD programming from Directv or Dish via a modified satellite box. Directv also had a HDTivo available that could not be modified. I picked the HDTivo because it is much more convenient and easier to use than VHS. Actually, for my life, Tivo/PVRs are even more important than HDTV. I do not want the TV to decide my schedule and the 30 second skip is a real time saver.
For OTA signals, it is very easy to record even without a cable box. All you need is a HDTV Wonder card on your computer and you can record off the air directly to your computer.