Is it worth the wait for HDMI 1.3?

Engadget answers this with a resounding and confident maybe. As with everything in life, there are some technologies that are not needed by the masses. The real benefit to the 1.3 standard is support for the lossless HD audio format. Rather then having to use six analog cables, you can use one simple skinny HDMI cable.

From the article:

So is it worth waiting for the new spec to hit TVs and receivers? No and maybe.
HDMI 1.3 does allow for a higher color profile but this extra space is going to
be used for creature comforts such as PIP and overlay menus; you will not likely
see an increase in picture quality. We feel strongly that it isn't worth waiting
for HDMI 1.3 to be included in a TV but it might be worth getting an HDMI 1.3
equipped AV receiver though. HDMI is a single cable solution and currently if
you want the lossless audio such as Dolby TrueHD soundtrack from your HD DVD
disc, a person needs to use six analog RCA cables instead of one HDMI cable.
Many people keep audio receivers for years more than the TV stays as the main
set in the household and you don't want to limit yourself in that regard but
these receivers can cost lots more then your Best Buy/Circuit City ad piece.