I agree. My wife and I watch The Vampire Diaries on thursday nights (she loves vampire shows and movies). I usually do a partial stretch to get the picture to "fit", but it really needs to be proper HD, given the low lighting the show uses for effect. It would also be nice to get the fully DD 5.1 sound as well.
The reason that they don't do HD is that the studios are actually in St. Louis, MO and sent to the WRBJ tower via satellite. Another CW station of theirs, WZRB 47 in Columbia, SC is also doing this. Because of the configuration, they apparently can't just do HD without doing a fair amount of retooling. However, since both stations were constructed in the 2004-2006 time frame, it seems that they should have built in HD capability when they started building to ensure that when they flipped to digital, they would flip to HD as well.
Truthfully, I am toying with the idea of seeing if The Vampire Diaries video and sound would be better quality played off the CW website. We have a Dual Core computer that outputs a 720P signal to our HD set, which is also 720P, and sends an optical out to the receiver. It wouldn't be 5.1, but we don't have that now...