I only have a monitor that goes up to 1680x1050, and thats good enough for me, since to run at 1080p, you have to have serious hardware, and if the TV isn't a CRT, your going to get stretching going for lower res's, though most seem to be capable.
I recently bought a 720p TV for downstairs, and have my PS3 running through it. I can't tell the difference enough to have justified the price, sitting where I would sit playing to get a 1080p TV.
Comes as a plus I guess that to have good graphics in game, you need a lower resolution, and its not like the PS3/360 has a power house graphics card. Its pretty standard in PC's now in a lower budget market, or at least the technology is. So, I don't see us seeing many 1080p games anyway.
For HD films though, yeah