Let's be honest here, few people are putting 720p video on the web let alone 1080p. Having a button say HD when content is NOT HD just adds to the hundreds of thousands of products falsely claiming HD functionality. Let's not have JW Player take the same route of those As-Seen-On-TV HD sunglasses.
So yeah, an option to change the wording or at least a toggle that says HQ instead of HD would be nice.
Or how about a simple toggle that displays the bitrate? Or instead of HD say how many progressive lines there are like hulu does. Ex: 360p, 480p
Thanks for listening.

I think maybe you've fallen behind a bit, even YouTube is serving 720 & 1280 HD video.
Many sites like Vimeo have HD:
http://www.vimeo.com/hd
Most of the content on PBS is HD.
And the list could go on until the sun sets next week...