There are 1080i broadcast which benefit from a 1080p native set (it's the resolution that matters), and movies. The choice is basically one of movies+documentaries versus sports+games I think! If you prefer sports and gaming, and care less for movies, a 720p set is probably a better choice. Next gen, within 10 years, 1080p games will be readily doable (we've yet to see how well they manage this gen), so a 1080p set will be good for games, movies, and those 1080i broadcasts, making it a preferred choice over 720p. And eventually we'll get 1080p broadcasts somehow, but I doubt in 10 years. Not sure what tech will be needed to enable those.
At the moment, there seems to be quite a push to encourage 1080p. For movies, which I think are most valued for the home cinema experience, I guess it makes sense. In which case, a 1080p console might catch your eye. Personally, I doubt average consumers are that savvy, and i doubt any but a handful of people pick PS3 over XB360 just because it has TrueHD or 1080p stuck on it. As others have commented, first and foremost is the PlayStation brand. Then comes wowzer games and movie playback and 'my friend says it's really cool and much better than XB360' and all that other jazz. 1080p will mostly only be raised in layground squabbles IMO. 'Yeah, but PS3's in True HD and XB360 isn't, so nyah'
Good points all. I'd also add that display size and viewing distance also factor in when weighing the benefits of 1080p vs 720p.
See this chart: http://www.carltonbale.com/wp-content/uploads/resolution_chart.png
I already know from this chart that at the screen size and viewing distance that I will be using that 1080p offers no benefit to me as far as added detail since that added detail would be inperceptable to me. But, I will also be using my panel (when I actually buy it) as a PC display and having a 1920*1080 desktop has definite advantages over 1366*768, even if I can't make out each individual pixel. So I do have a practical reason to buy a 1080p panel.
The sad thing is, like you pointed out, for most the decision to go for a 1080p panel has more to do with "spec wars" than any real practical benefit.