Sorry I'm late to the partybut I really wanted to answer this.
Come on would you put HS and and crisis directx10 render @720P on the same level?
There is a lot more to consider than this
If manufacturers are about to learn something form Wii succes next system could have tigher silicon budget, lower power envelope, fit in tinier boxes, etc.
It's has nothing to do with low expectations but more what is more important to me:
Huge increase in quality, if we start by increasing the pixel number by two...
You don't know my expectations but your expectation is that higher resolution is godsent (rip heroes), I prefer more power left for other things and rely on better and better scaler.
PS a good scaler will be needed anyway as I can't see devs stop adjusting the res to meet their perf goals.