Um, no. it outputs 720p and then its upscaled. If you think xbmc on the atv2 can output 1080p you might want to tell davilla at xbmc. He would be very interested I am sure in your findings.
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"Inputs 1080P" ... I suspect you mean can decode 1080P ? Yes, it can to some extent. Display is still 720p.
As to the chd ... yes, it is. Dunno what part of "true 1080P" you are referring to. Note that even with a chd the atv 1 via xbmc osx downscales to 720P due to memory limitations in the osx implementation. Only the atv 1 running xbmc linux can actually decode, render and display 1080p as far as any atv implementation currently known.
From
http://www.logicsupply.com/products/bcm970015 :
"H.264/AVC HP @ L4.2 1080p60, 40 Mb/sec." is about as 1080p as any source your likely to get or want to play on an atv.
Not trying to be argumentative but to be clear on fact.