As for the 720p v 1080p I would take 720p @ 60 fps over 1080p @ 30 fps as smooth framerates are more noticeable over higher resolution especially as most console gaming is played sat on a couch a few feet away rather than cenimitres away like on a pc
I've always been able to tell low frames or drops far easier on my PC, quite amazed at consoles on that front for some reason. Besides obvious stuff, like motion blur, there must be some sort of relatively (compared to PCs' nearly infinite configs) extremely optimised sync/limiter to the console dev-kits or something.
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