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Can the iPhone 4S with iOS 5.1 play compatible 1080p movies?

The iPhone 4S is technically capable of playing some 1080p content, but it can _NOT_ play 1080p content purchased through the iTunes Store (Movies, TV Shows, etc.).

If you download the 1080P HD version of an iTunes Movie or TV Show it will not sync or stream to an iPhone 4S.

Via apple.com:
1080p HD movies and TV shows can be viewed on a Mac or PC with iTunes, iPad (3rd generation), or Apple TV (3rd generation). Not all purchased movies are available in 1080p HD. To play 1080p HD video on a Mac, you need a 2.4GHz Intel Core 2 Duo or faster processor and at least 2GB of RAM. To play 1080p HD video on a PC, you need a 2.4GHz Intel Core 2 Duo or faster processor, 2GB of RAM, and an Intel GMA X4500HD, ATI Radeon HD, or NVIDIA GeForce 8300 GS or better graphics processor.
 
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