If you are happy with 720p (or less), it should be no issue for you either, as 1080p hardware will play 720p to the fullest. But it doesn't work the other way.
Resolution is not everything.
A good 720p video (high profile with Cabac and a good encoder, etc.) will look better than a very modest 1080p video.
The 720p video from the iTunes Store should not be taken as a reference. They have poor quality.
Apple makes absolutely no use many features such as Cabac. In addition, the H.264 Quicktime seems to be bad. Maybe "hazardous waste" compared to x264.
Take a BluRay with good quality and use Handbrake (x264) to make a 720p Video (HighProfile etc.). The quality will be much better than what Apple sells on the iTunes Store the people.
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