1280x720 / 3 = 640x480.
So you get 3x the pixel count at 1280x720.
So you could in theory throw ~3x the pixel processing at the screen, although it would probably be significantly less than this number, as you have to bump up the filtering quality, and your bandwidth read hit won't decrease by 3x, as the same textures will be being used.. Top it off the AA hit would be bigger if you are using AA, as edge pixels will be 3x as common... Etc.
so we could assume 2x performance difference. Well, thats not really so big anymore. You could make your lights ~30% bigger, which would boost their on screen size significantly enough... It wouldn't really be that obvious though.
I'm currently mucking about with a deferred renderer, which has stupidly large light numbers.. Think 100+, ~15 full screen at most times. I started work on it at 800x600, now with a lot of work I've got that at 1280x720 at a similar framerate. My next trick I'll try is render the lighting at half resolution, except on the edges. So chances are I'm going to see 640x480 speed at 1280x720, just with more detail where it counts, and equivalent detail elsewhere.
The point I guess I'm trying to make, is that if you are smart, you can get away with very high resolutions with similar amount of work, you just need to be careful where the resolution differences are obvious. Lots of games already do this.. For example almost all games that do bloom filters (usually badly) process them at significantly lower resolutions, even gears.
I will say though, I am dissapointed that gears doesn't supersample very much in SD... unlike R6:Vegas, you can still get horrific jaggies in gears sometimes