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HDTVs were first introduced in the mid 1990s and became a mainstream product in 2009/2010 ... It wouldn't make sense to support 4K resolution until (probably) nearly 2020, so I would say no

Ultimately, if I was Microsoft I would probably focus on 720p. They could probably produce a healthy bump in visuals by using a GPU like the Radeon 7870m while keeping costs and power consumption (relatively) reasonable as long as they didn't go crazy with trying to push the resolution.