I've avoided getting involved in the 720 v 1080 argument until now but I think I'll throw my 2p in.
I think people are jumping on the whole thing a little bit prematurely to be honest. I do understand the concerns though. After all, we're paying a minimum of £350 for a next gen console, both of which are meant to be roughly 10 times more powerful than the previous gen, yet both consoles (and more the Xbox One it seems) look to be having a little trouble in places running games at 1080p, something most people saw as being the standard this gen. It is a little annoying, but I think there are things to be aware of regarding this as well. For one, the consoles are brand new. While they may be based on PC architecture, I'm sure it'll still take quite a lot of time before developers get their heads around getting the full amount of power out of each system. Just compare the games at the start of the previous gen to the ones at the end, and look how far they came. Also, a lot of the games are either being developed across all platforms, or were initially designed for previous gen. Dead Rising 3 started out as a 360 game, rather than something written specifically for Xbox One. Games like COD and BF4 are running across 5 different systems. It's understandable that developers are struggling a little with next gen systems while still working on previous gen consoles as well.
I honestly think that in time, we will see all next gen games running at 1080p, but I think it'll only happen properly when games are being developed strictly for the next gen systems, and not also co-developed for current gen as well. Developers only have a finite amount of time and money, so while I'm sure they'd love to make the next gen versions of games hugely different to the current gen, sometimes there isn't just enough time and money for them to do so.
It's also interesting to note that some games are going to be fine on the Xbox One. Forza 5 is going to be running at 1080p and 60FPS. Visual Concepts has
confirmed that NBA 2K14 will be running at 1080p and 60FPS on both next gen consoles (so no difference between the Xbox One and PS4). It can and will happen I believe with all games, in time.
For myself, I'm not overly bothered about the resolution. While I'd like to have all games running at 1080p and 60FPS, I know it's not always going to happen. I don't let it ruin the enjoyment of a game if it doesn't reach those standards. It's always about the experience and gameplay, and I'd much rather have the game running nice and smooth at 720/900p, than stuttering slightly at 1080p. I'm sure most people here would feel the same.
Also, it's not like games running at less than 1080p are bad games. Just look at games like GTA V, or the Uncharted series. Those games run at 720p (or less), yet are considered to be some of the best games of all time. As I've said before, if all you wanted was the game to look as good as possible, I encourage you all to not buy a next gen console, and upgrade your PCs instead. I guarantee nothing coming out on Xbox One or PS4 will look as good on those systems as they will on a PC.
At the end of the day, I don't really care if the Xbox One is "underpowered" (a really funny phrase), nor do I care if the games run at 900p while the PS4 versions run at 1080p. All I care about is playing great games. At the moment, I think anyone would be hard pressed to say the PS4 has a more appealing game line up at launch (unless you're a big indie fan), so that's why I won't be cancelling or swapping my Xbox One pre-order like some people here have.