If CoD4/CoD5 were at full 720p on PS3, they would be running at a lower frame rate. As both games already run around 10%-20% slower than than 360 versions on average, I'm not sure this would be a particularly good idea. Realistically you would be moving from the perceived 60fps the games currently have on PS3, to a locked 30fps.
With regards Tomb Raider, on like-for-like gameplay, the 360 version is locked at 30fps - maybe just the odd dropped frame in 12,000 captured. The PS3 version on the other hand is *mostly* 30fps, but can drop hard at any given point. The same gameplay run-through sees the PS3 version drop to a low of 18fps at one point.
In short, both versions are compromised, or to look at it more postiively, the 360 version is optimised for speed and perceived response from the controls, whereas the PS3 version is optimised for a significantly higher IQ.