Nope.
It's a limitation of the ATV and has nothing to do with production/creation of the new iPhone. The 4S is immaculate IMO.
I thought their latest update was going to allow 1080P, me however I am fine with 720P as I have ATV and ATV2 however Harry Potter Deathly Hallows Part 1 is crazy on my 42" Plasma on ATV2, and the picture and sound are great.
Ripped with RipIt, adn Encoded with HB to just Apple TV settings, still looks and sounds awesome.