see http://www.redgiantsoftware.com/instanthd.html

Yep, it's just like in the movies where they take low-res security camera footage and enhance it to flawless photographic quality, revealing details which wouldn't have been captured with a 100 megapixel camera. But seriously, the best you can hope for from something like this is to make SD footage look reasonably clean at HD resolution -- it still won't look like HD source material.

Don't we have the ability to do this in PPro or Vegas already by importing a DV fiile into the time line, and adjusting it there ?

Of course you can do it with the resize options of your favourite NLE. But the right of existence for these little apps lies in the fact that they use some sort of algorithm which does better things to your image.. Well, that's what they're claiming, obviously.

I tried the demo version. It actually does a better job than just resizing in PPro. Seems to be a bit sharper, and to "sparkle" a little better.