Yaka said:for it to be specced HD ready it would need a HDCP dvi or hdmi port which it dont. it could be classed as HD ready but then some clowns would be buying it as a TV then bitching about the crap pic quality (ok not bad pic quality with sky dig but naff with freeview) or lack of tuner or even higer price compared to current prices of 26" tv.
Actually, for it to be HD ready it only needs to follow the definition from when it was marketed:
http://tv.about.com/od/glossary/a/letterEFGHI.htmHD-Ready: A High Definition television able to receive over-the-air HD signals only if paired with an external receiver to decode the signal.
The 2405fpws main compatitor, the L2335 among others were profiling their components as HD compatible and HD ready.
The new EUROPEAN logo requirements for the HD ready LOGO is among other things HDCP as you say:
http://www.digitalspy.co.uk/article/ds18570.html
HDCP itself is not an analog protection, but a digital one that doesn't work over components anyway.
Edit: The top picture was nice