Meh, totally unnecessary IMO. The only reason you need that in PC games is because the vast difference in the specs of PCs being used to play games, so you need to be able to let people with fairly crappy PCs reduce the performance of the game merely to be able to make the game playable.
Console developers should be maximising resolution and frame rate to the extent possible while not causing performance problems with the game.
To get your 60fps wouldn't you have to do more than just simply dumping the resolution from 1080 to 720? I sounds like it wouldn't be as simple as that.
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