Another factor to consider is whether or not you're dealing with a fixed data rate at any point in the acquisition or delivery phases.
For example, much of the in-house acquisition with do is shot with a Sony EX3. We chose that model as our default camera to own because it can handle, out of the box, the vast majority of our needs. And we can (and do) throw a Pro35 adapter with prime lenses if we need that particular look.
But it's limited, internally, to 35mbs, variable bit rate. Again, for the vast majority of the stuff we do, this is sufficient. (Carey just did a spit-take, spraying some really good wine all over his computer monitor.) I've had no troubles pulling clean keys, for example. But I've also got 15+ years experience pulling keys, and that surely helps.
So, the question is, do I throw that 35mbs at a 720p frame or a 1080p frame? Most of the time I choose 720p. And to my eyes it looks great. I never find myself pressing my nose against the screen, lamenting digital artifacts, like we used to do back in the DV25 days. Would 100mbs look better? Probably. Most likely. But the 35mbs looks great, takes up less room on my hard drives, and has various other workflow advantages. It's a good, practical solution. (We edit and archive in ProRes.)
My work is primarily B to B, and most of the stuff we produce ends up online, so again, 720p is a good, practical choice.
There are plenty of studies out there which demonstrate that resolution is just one part of the image-quality equation.
Dave
Dave Bittner - Pixel Workshop Inc.
Twitter @bittner