That's like, 4 frames per hour. Totally unacceptable framerate.

Prefer 720p at 60fps since having stable frame rate is much more enjoyable to play than having an awesome graphic unless you some kind of a graphic whore ~~

Lot of misconceptions here, 1280x720 at 60fps is less pixels per second then 1920x1080 at 30fps. (88.9% to be exact) So the graphics would be the same, they could even be a bit more detailed at 720p60
The clarity of the picture will be better at 1080p30, no unnecessary blur and lag from upscaling to the resolution of the display.

Switching to the displays native resolution on pc always seems like peeling of a layer of plastic from the screen. 1080p all the way. Stable 30fps should be possible next gen, I rather have that then screen tearing at 60fps.

Forza Motorsport 4 is a full on constant 720p native at 60 FPS all the time.

Rage is 720p native on 360 and 60 fps.

I fully expect 1080p @ 60 fps.

Especially wit nextbox sporting 8 core processor, 8 gb ram and a top level 7970 GPU.

Most games will be 1080p next gen, no question about that. Willing to bet with anyone.

If you really expect the nextbox to sport a 7970 you will be disappointed. That thing uses +200 W at load, way to much for a home console.

No AMD have created some chips which use low level watts but have great comeback gains still.

Its heavily rumoured these are for  the new consoles.

If you are talking about the new 8xxx series, then I agree that they will use less power. But even then, the 8970 will still use more than +200 W.

I saw a chart somewhere that showed 2 version of 7970. With one being 110w.

The "new" 7970 is a regular 7970 that runs at 1GHz instead of 925 GHz. And that makes it use more W under load, so I have to ask:

Are you sure that the consumptions you saw were at load? Could they be at idle?

A system with a 7970 uses 110 W at idle, see Anandtech (at the bottom, idle 113 W for the old model and 111 W for the new one, but 391 W for the old and 429 W for the new one running Metro 2033).