Correct, if you are more than six feet away from the TV...
All things being equal I agree with this chart, but the fact of the matter is that usually a 1080p TV, even by the same manufacturer, will have other PQ enhancements that its 720p model won't have, including higher contrast ratios.
In side-by-side comparisons I've seen significant differences between Panny's 42" plasmas, the PX80u and PZ80u, and between Sammy's 4 series (720p) and 5 series (1080p) LCDs. Even though I thought the 5 series looked better, I got a 4 series 32" as it fit better in my budget for a infrequently used bedroom TV.