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It won't be for the first few games. I remember articles when the 360 came out claiming you're better off with the xbox version at standard resolution for certain launch games then with the 360 version.
Here is one http://www.gamespot.com/features/xbox-vs-xbox-360-do-you-really-need-hd-6140621/

I guess we'll get the same again with the next batch of launch games and debates whether 1080p really adds anything over 720p.