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I have 720p TV and no complains, and adding to the whole "new gen = higher resolution" conversation, remember how the TV resolutions jumped between NES --> SNES --> Playstation --> Playstation 2 eras? Me neither, so after a huge jump from 480i to 720/1080p one should just be happy, anything higher than that only becomes useful in a much larger home theater screen.

http://www.rtings.com/tv/learn/size-to-distance-relationship