Depending on the container / format / file type (.avi, .mp4, .mkv, .mov, ...), you can use QuickTime Player, VLC Player, Movist, MPlayer X and many other video players to play 720p or 1080p content.
Watching 720p or 1080p content on a 2560 x 1440 display will not result in blocky pixels.
I often view 720p content (1280 x 720) on a 1920 x 1200 screen and I find the quality fantastic.
TVs have bigger pixels, thus smaller resolution content often looks a bit blurred or blocky when watched on a bigger screen.