I believe WMV9-HD is VC1 compression, which doesn't seem that bad (~30% CPU usage for software decode in their article, albeit on a fast dual-core.) Also -- it being "1080p" doesn't say anything about the bitrate. You can have "1080p" content at the same bitrates as SD 480i... you'll have tons of compression artifacts, but it's still "1080p". I'm guessing that the T2 DVD version is lower-bitrate than a lot of the HD-DVD releases, simply because you're limited to ~9GB for the whole thing instead of 25.
The problem is high-bitrate H.264 compression, which a lot of Blu-Ray movies are using. This takes a LOT more horsepower to decode. It would be nice if they ran the same tests on some single/DC Athlon64s... you'd only need to test a couple of them to get an idea of how the performance should scale.