Your best bet is to wait for a hardware accessory adapter for the Droid, but it might be a while for that to come out and that's IF one would actually come out for the Droid.
I just use my PS3. Connect it with the provided USB cable. So even friends of mine that have a PS3, whenever I visit them I'm always showing off new videos on my phone (provided I have the USB cable).
That will not work. It will not process the video files in your SD card. You would still need hardware that would do that because even though some TVs have USB ports nowadays, they don't necessarily have the hardware to process those files. You would still need some type of hardware adapter (such as the WD TV, videogame console, or even a computer) between your TV and the Droid.