Clear QAM question

So I've got the Win7 RC and I've got a current Vista box fulfilling the HTPC role and I'd like to give Clear QAM a try but I don't have an HDTV currently on the HTPC. Will the HTPC/Vista transcode the signal to output via the s-video as it does currently or will it not work until I get an HDTV?

It should be scaled by the graphics card with no problem. I did that with Vista media center and an ATSC OTA antenna (HDHomeRun) before I had my HDTV.