I had subbed to PBHD for a month and dropped it due to the content that aired during my viewing hours on the Left Coast: Nooner replay (tell me how a Nooner can last 3 hours, I want one of those!).
Anyway, I just bought a Panasonic DVD/Hard Drive recorder and resubbed to PBHD since I can now timeshift everything. The quality of the picture coming off this device is superb. I watch it in Normal mode so it doesn't fill up my screen all the way, but I still have an image larger than a 65" RPTV and it looks great. Plus I can archive the shows to DVD. The player lets me edit the clips so I can cut out unwanted scenes and reassemble them or rearrange the chapters, it's totally cool.
So, yes, it's worth it if you have a PVR or some way to timeshift it.