Actually they currently broadcast 50 or so channels in analog CATV format (well, at least in my area) which means you can simply plug the coax from the ont right into your tv and get those channels. However, this is soon to change due to the huge amount of space the analog channels take. This is why they lack HD right now.
If that is the case, they will have as a long way to go as the cablecos to reach the level of the HDs DirecTV has now, and let's remember DirecTV can reach 150 HDs soon, even DISH will reach 100+ HD very soon.