You have to be viewing those images correctly you have to be viewing the, at full screen on a. 1080p monitor. If not you're essentially supers sampling he images.
I think 1080p with no AA looks a lot better than 1080p upscaled from 720p if the textures are good. If the textures are like say resident evil 6 . There's not that much of a difference. But it's still not as crisp. That said just adding SMAA makes 1080p look substantially better without performance hit of msaa or blur of FXAA IMO.
Also I assume we're talking about MSAA Correct? It's nonsensical to super sample a 720p image and if you can do that you can do 1080p with msaa. And if you use FXAA or MLAA and then upscale you'll get extremely blurry textures.