CKurt said:

You have not been missing something.

 

Since WP7S has been announced news around Zune HD has been very quite. But here is my guess:

 

They are working on a Zune HD2 with the same software and development platform as Windows Phone 7 Series but without the phone stuff. The old Zune HD will not be upgradeable.

ZuneHD2? That makes me sad. Sad