dude… the whole point of xbox 360 and ps3 is the fact that they are 1080 gaming systems!!! you can’t cut yourself short if you’re buying it to play them…
my xbox looks AWESOME on my tv… you should’nt undercut yourself… i mean you are buying a $600 gaming system 
but that’s just my advice.
it will still look baller at 720p… but it was meant for 1080