actually most games are 720p, see this list.
http://forum.beyond3d.com/showthread.php?t=46241
as for television, my favorite series, such as Lost, when it was airing, and now Fringe, both air in true 720p. I'm not a fan of interlaced content at all.
it's not that the picture is being distorted on my 1080p television. The ratio is good and the image is fine.
I'm a bit of a perfectionist so I'm looking for a setup that plays a 720p source to a screen with 1:1 pixel mapping.
this would be easy if 720p displays had 1280x720 pixels, but they don't. Most, if not all have 768 vertical pixels. because of that you aren't going to have 1:1 pixel mapping unless you center the 720p image in the middle of the screen.
Why is this important? it isn't very, except for hand drawn art in video games such as BlazBlue where you want the art to be as crisp as possible.
http://www.ps3chat.com/news/wp-content/uploads/2010/05/blazblue-continuum-5.jpg
From my studies I believe that many 720p projectors actually do have a 1280x720 lcd in them, so I might look into getting a projector to meet my needs.
if this all is wildly confusing to you, see this.
http://pixelmapping.wikispaces.com/Pixel+mapping+explained
see the picture of the castle, and how the pixel mapped version looks the sharpest and doesn't require any artificial sharpening which could introduce artifacts.
Again, it looks fine on my current set, I'm just aiming for a higher bar.
If you think of it this way, a 720p source can be scaled to a 1080p television just fine but it's never going to be a pixel for pixel match, becuase 1080p is not a multiple of 720p.
Hope that makes more sense to you all.
EDIT:
to be clear this isn't replacing my 1080p24 plasma, I'd use one in each room depending on the content. The 1080p24 plasma will remain in my home theater and the new display would go in the den for gaming and TV