It will play HD and 4:2:2 as long as your computer has the right codecs
(codecs that can play HD or 4:2:2) installed and DVBDream is setup to use them.
You can select the codecs for DVBDream to use by going to "Options" and then "Video".
FFDShow-Tryout decodes both HD and 4:2:2 (
http://ffdshow-tryout.sourceforge.net/)
Another option is to stream the channel to VLC. (VLC can play HD and 4:2:2 without any additional codecs).
To do this you need to setup the path to VLC by going to "Options" and then "Preferences".
Under "LAN Streaming" select "Integration" and set the path to VLC.
Then exit all the menus and after this you can go to "Tools" and click on VLC and VLC will open up to play the channel.