I'm pretty sure this was a move expected by almost everyone that knows a thing or two about current HD consoles.
But I think this doesn't matters a lot right now. It could be 480p, 720p or 1080p, if it's a great, fun, and polished game made with effort, it doesn't matters... right? ;)
But I'm the only one that would've preferred locked 30 fps instead of variable? I notice framerate changes, and they annoy me. That's why I play with vertical sync turned on most of the time.