It certainly looks like it's upscaled to me, but it's hard to tell sometimes - the game world is projected so much larger than it is on TV that that alone makes a big difference too. But compared to other games it does feel like it is 1280x720 or something like that at times. Even so, there is probably no AA now whatsoever, so if they can fix that on the Pro, that alone may help.
And yeah, I preordered a Pro when it was first announced, because I already guessed it would be a good fit for PSVR, and I generally get two PlayStations at some point anyway.