I was pretty discouraged a few weeks ago when the news of 720P BF4/COD was rolling in...even considering sitting out this generation etc.
But now we've seen for ourselves (in the case of BF4) and heard reviewers say the XO version of Ghosts is fine, maybe even superior due to framerate. additionally there's now comparison videos on YT making the same point. There may be differences, but they are subtle and probably not even noticable unless doing an A/B comparison split screen.
It seems like it's turning out that next gen textures and effects is a bigger deal than resolution. 720P as long as it has next textures and effects is fine. XO games will be a big step up from 360 ones even at the same 720P resolution Sure 1080P is preferable, but it's not a dealbreaker.
Or look at it another way, plenty of people are happy with their Wii U, it has some great looking games too, and it's not even in the XO's galaxy powerwise. XO may be deficient to PS4, but it has massively more power than Wii U.
I'm more comfortable choosing Xbox for the imo superior OS/online and controller, now.