Blu Ray =, <, or > HD Movie Channels?

no broadcast, cable, sat or otherwise, is at 1080p.

So Blu-ray should look better than the HD movie channel version, assuming you have a decent TV and decent Blu-ray player.
 
There are lots of side by side comparisons done on AVS forum.

Most of the time, one would be hard pressed to see any difference Blu-Ray, HD-DVD, a channel like HBO/HDNet Movies/ripped x264 file. Blu will win during fast motion scenes and if you have a cheaper 1080p set with poor deinterlacing hardware. A good set will make those channels like HBO-HD or HDNet Movies look almost identical to the discs except for the fast and dark scenes. Its especially close if you have FiOS and even closer on OTA broadcasts. Over on AVS forum they've even done such comparisons on huge HD projectors and at 1080p vs 720p. We like numbers, but we have to remember that our own sensory and perception can only go so far at the sizes most of us watch tv and media.
 

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