Dunno why but overall you have 27% less pixels to shade than you'd have rendering a 720p image, which can be a good thing if you're limited by pixel shaders.
At 12 bytes per pixel (8 + 4) it also nicely fits in edram..
Hm... well according to the gamefest 2006 slides, they use 2 render targets for their HDR accordingly:
LDR: 10-bit float 7e3
Resolved to 16-bit linear
HDR: 8-bit gamma 2.0 / PWL gamma
How does that factor into the eDRAM