It's never to late to do a way with HDMI. Having used it, it's complete mess.
The key would be of course will be intelligent switching on the devices that use the new Firewire. Allowing any port to be in or out.
Unless the new Firewire 3200 can support HDCP (copy protection) type schemes (no, I don't like them either), consumer electronics will continue to use HDMI and/or HDCP DVI. There are enough TVs, projectors, DVD, and HD-DVD and Bluray devices out there now that HDMI lives for a while yet.
My video cam has firewire for HDV transfers (wildly compress, but that's what on the tape, too) and HDMI for uncompressed 1920x1080 60i direct transfers (not recorded on tape); some newer cameras with solid state or Hard drive internals are starting to record higher band widths, but until you get to pro stuff now, it's all pretty compressed. Internal camera hard drives are too slow, and uncompressed HD uses up LOTS of space, and the solid state memory devices, like P2, are ungodly expensive.
Ed.