I've been thinking about the merits that HD-CCTV has and IP camera doesn't.
1) Price
: Low end IP camera is, of course, reasonable. But general IP camera is not that cheap in relation with HD-CCTV even though IP has dominated the current market for megapixel camera for long time.
As for HD-CCTV, there's no need to install another new coaxial cable. Many users are already using coaxial cable if they have analog camera. Just replace the camera into HD-CCTV camera. And the price for HD-CCTV is now unreasonable because it is just its first step on the market. If production line is well run, the price will be down either.
2) Security & Management
: There might be a sort of danger for IP camera because intruders can easily have an access for the network. Hackers like to get in a network based system. Additionally, when the network is not working due to any reason, it is obvious that nobody can handle it until the network is recovered. But in HD-CCTV, it is ok whether it is connected to network or not. It works at any time if there's no breakout.
As for the management, it is not that easy to deal with the network system. When we think of many managers, jenitors, and IP camera users, they barely have a knowledge of network system. The easier the interface is, the happier the users like. Users need the knowledge about IP network camera while they don't need about HD-CCTV camera.
I can't say IP is definately bad and HD-CCTV is absolutly brilliant. The systems have its' own merit and dismerit. If users are satisfied with the features of HD-CCTV, it is enough.