Let's say I want to download video at a bitrate of 4-5 mbps (that's bits, not bytes). Will I get a better quality video if I choose 720p or 1080p? Assume I use a good codec like H.264, VC1, webm, etc.
One might argue that, of course, 1080p is better, but on the other hand, it's also possible that this bitrate is too low to preserve the additional quality of 1080p video, and all I have is overhead, so I'm better off with 720p. See http://www.zdnet.com/blog/ou/dont-believe-the-low-bit-rate-hd-lie/959