Remains to be seen. My livingroom TV is only HD Ready, 1366x768. PS4 will be downscaled, if the scaler is as bad as it seems the quality will take a hit. X1 will just output native 720p. On my gaming TV it could be different, 1080p. But the real story for me here is not that X1 can stand its ground but that both consoles are destroyed by a medium - high level PC. 8 more years of the same shit? Gonna get X1 for exclusives and play PC for the rest.
The Battlefield reveal video gave me the first glimpse of next gen graphics. Now Ryse destroys BF4. A lot has to do with only having to develop for one platform vs. all of them but BF4 next gen could've used another six months.
It seems suddenly everyone only has a 720p capable TV for next gen.
I know you have a 1080p TV as well, but I am just using your post as an example.