I constantly get questions about 'what resolution did I shoot at' or 'what camera did I use to make my films?' When I tell people I use a combo of a 720p Broadcast Quality camera, point-n-shoot digital cameras and sports cameras I get the 'you didn't use a high-end camera?' look.
Unless a client specifically asks for a particular resolution, I shoot in 720p. It's HD so I don't have the hassles of dealing with compression issues like with SD video and it takes to color correction just fine. If there's something that needs particular attention, I will use 1080p during production and then just resize it for 720p and it looks great. High res video is great long as you're getting paid for the extra storage space, hardware horsepower and rendering times when using it. Otherwise, it's like using a cannon to shoot squirrels!
Here's a good video by Director Ken Simpson that breaks down the question of 'do you really need all that resolution to make your film?'