I run PP CS3 on a PC. I edit mostly in XDCAM projects. In theory, with the HDLink I should be able to preview my edits in real time on an LCD HDTV via HDMI, correct? I should be able to do this while working in the Adobe Presets for an XDCAM project, correct? In other words, it won't be like the Multibridge where I have to open an Adobe project using the Blackmagic presets, correct?
HDLink is an SDI to DVI/HDMI converter so if you're going to be playing something out of an NLE's timeline, you'll still need some kind of IO product like Multibridge as you have to feed HDLink some kind of video signal.
If you have the Multibridge, then you can simply go direct from it to your LCD HDTV via HDMI without the need for HDLink.