New iPad (3): What's the real difference between 720p and 1080p, the two major high-resolution video formats?

In the MacRumors forums (thread HERE), an interesting discussion has emerged on the visible differences between the two most widely used consumer  high-resolution video formats, 720p (meaning 1280*780 pixels) and 1080p (1920*1080 pixels) are visible at all on the iPad 3's screen.

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