We've managed to get hooked on resolution as a measure of image quality, which is kind of stupid -- resolution really only gives you part of the picture. A 720p image on a 19" screen is very different from the same image on a 50" screen. 1080p and 720p are all but indistinguishable at sizes smaller than 27" or so. Conversely, there's a notable difference in quality if we scale a 480i image up to the 40" range. It's all about DPI, see.
If you want an HD image you need an HD feed, so you'd have to pay the extra $X per month to get it. It's worth noting that (so far as I'm aware) most if not all broadcast television is currently 720p so it's still not your television's maximum resolution, but at 40" I suspect you'll notice a distinct difference in quality.
Is it worth it? As a guy who refuses to pay for so much as basic cable, I'm probably not the one to advise you. If you want to get the most out of your television, however, this would be the way to do it.
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I wake up in the morning more tired than before I slept
I get through cryin' and I'm sadder than before I wept
I get through thinkin' now, and the thoughts have left my head
I get through speakin' and I can't remember, not a word that I said
- Ben Harper, Show Me A Little Shame
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