The short answer is YES!
 If you are going to invest serious capital ($3K to $4K or more) I'd suggest going with HD since you can always work within the SD product choices with it until and when you decide you NEED to produce something in high definition - at least you will have the camera(s) on hand for the uptick.
If you are planning to spend, say $2K to $3K, then there are a number of choices in both arenas (the Canon GL2, for example) that can benefit your production efforts. Still, for that kind of investment, I personally would spend a bit more and focus on an HD scenario.
If you are planning to spend less than $1.5K there are a vast HOST of options in both categories, albeit most of them without some of the necessary production features you would likely prefer to have - manual controls, manual focus, manual audio control, even headphone and/or audio input in the first place. There's also a host of recording media options from tape to SD an SDHC card recording and everything in between - all having their plus-minus factors regarding shooting, ingesting/digitizing, and compatibility with your current or planned hardware/software NLE system(s).
Me personally? I have been producing a wide range of video product in SD since before 2000, and the majority of that product has been acquired via Canon XL1 and GL2 cameras. I still have not been overwhelmed with the need, demand or requirements for high definition delivery - but I do believe it is coming within my physical and business lifetime. So, sometime this year, my focus is on the recently released Panasonic AG-HMC150 AVCHD camcorders recording on SD and SDHC cards (up to 3 hours high quality on a 32 gig card) clocking in at about $4k.
I would prefer full blown high definition, and have until just recently been absolutely against anything other than HDV or HD (citing the Canon HV30 recording to MiniDV tape) as a viable entry level camcorder for all but the most demanding of HD production. But the more I am reading and seeing manufacturers and software development focusing on this compression format, the more I like what I hear, read and see. I am Mac platform and will be upgrading to a current 8-core Mac Pro this quarter, along with the latest release of Final Cut Pro that has improved capabilities in the AVCHD format for editing.
• $4k or more = Panasonic HMC150
• $2K to $3K = Canon GL2 (SD), or any one of a number of other brand choices in HD
• $1K or less = Canon HV30
This all depends, of course, on your editing capabilities - platform, hardware and software, either now, or in your foreseeable future.