I've read elsewhere on this forum that 1080p videos taken by the iPhone 4S will play on the Apple TV 2 but will "be downgraded." That does not explain anything useful, however. Here are some questions that 4S/ATV2 owners could answer: 1. Is it streaming to the Apple TV and then being converted on the fly to 720p by the Apple TV's processor, or is the device it's originating from converting it first? Is there a delay? 2. Whichever it is, doesn't this imply that some device is going to be working hard consuming CPU cycles just doing the conversion, as happens with a lot of third party streaming apps that convert on the fly? 3. If you transfer a 1080p iPhone 4S video to iPhoto, will it still stream to ATV2 via Home Sharing, or will the ATV2 only play 1080p videos streamed directly from the iPhone 4S? 4. Suppose you sync your 1080p 4S video back to iPhoto. Can it then be synced to any other iOS device?