HD Radio has some of the same disadvantages as digital TV — if you don't have a strong enough signal, it drops out.
The worse part, to me, is that it takes quite a long time for the HD signal to lock in. I had a brand new rental car last month with a brand new HD radio in it. It took upwards of ten seconds for some of the HD signals to lock in.
Radio stations (AM and FM) can improve this by going all-digital, instead of the hybrid technology almost all are running right now. But doing so not only excludes hundreds of millions of older radios, it reduces the coverage area. It's simply not worth the revenue hit, since in radio coverage area is everything.
On the plus side, I had a great Sony HD tabletop radio that I loved dearly. It had an iPod dock on top and if a song came on the radio that you liked, you'd press a button and the track information would be stored in a special playlist the iPod.
Then the next time you plugged the iPod into iTunes, it would match the information from the playlist and you could buy the song you heard on the radio from iTunes. It worked really well. I wish something like that existed for satellite radio.