Although it states 720p, 1080i, 1080p as supported resolutions, they are just SUPPORTED resolutions. Assuming the native resolution is at 720p (I'm guessing this is what it will be), you guys that have a nice 1080p tv running the game at 1080p resolution will actually lose quality due to the native resolution of the game (720p) being scaled up to a larger size (1080p). Hope this helps.
I'm talking about the GTA Episodes, not GTAIV. The engine was changed since GTAIV, The Ballard of Gay Tony producing the best results (as it was the later version).
I'd 99% be certain that we'll see the same results.
It's not a case of "Rockstar being lazy" it's a case of certain engines working better on certain platforms. We see it all the time with Xbox and PS3 comparisons, 9 times out of 10, the xbox performs better as its doesn't have the bottleneck in the GPU memory (so, in games like this, where graphics data is being streamed, higher gpu memory is a good thing).