What is 720p?

An inferior version of the 1080p. While the 1080p runs on refresh rate of 50 Hz, 720p runs on half - 25 Hz. Thus - lower response time.

I'm thinking of buying a 720p TV.

No, don't. If you want to buy a proper HDTV, buy the 1080p. You will thank me later.

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720p - meme gif

720p - video