Re: "Ready" = NOT
Technically, I'm sure that they would say it's not a misleading description.
The HD Ready symbol has a clear definition, one which distinct from the HD TV symbol, and it has never been claimed by those who came up with the label that it meant anything other than being able to display from a different source.
They are aided and abetted in that by the fact that a logo or symbol is usually treated quite differently to the actual words themselves.
I think, in the UK at least, you could make a much better argument for the "HD TV" symbol being misleading, where it's applied to kit that doesn't have DVB-T2 and H.264, because it won't receive the UK HD broadcasts.
I'm not excusing the massive confusion caused by the HD Ready symbol - just explaining that I'm pretty sure that, as far as the ASA would be concerned, the symbol itself has a clear meaning, which is explained on the website, and so is unlikely to actually be considered a misleading description.
Of course, a lot may also depend on the context too; just putting the "HD Ready" logo in a corner of the ad is one thing, but saying something like "Watch Freeview programmes in high definition on this HD Ready TV" is a different matter entirely and would very probably be misleading, if it wasn't made clear additional equipment was necessary.
Part of the problem, of course, is the poorly trained sales staff who didn't make things clear, too. And while the ASA can regulate ads, it has no power over the sticky labels granted to TV makers and printed on their boxes, or what salesmen say.
To be absolutely clear, I do think the HD Ready/HD TV labelling turned out to be a monstrous balls up. I'm just not convinced you'd actually have any joy with the ASA.