Here are a few images that I just grabbed for comparison. The jaggies more apparent on high contrast edges, but this shows the microblocking that occurs on a typical SD 480i video captured via HDMI 720p output. The X2 default video levels are quite high and appear washed out, but the levels can be adjusted to proper levels to have richer and more accurate color.
X2 on Left / microHD on Right
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Full Screen Shot
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Left Area Close-up
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Right Area Close-up
The X2 SD to HDMI 720p output shows pronounced microblocking and jaggies. If I have more time next week, I will grab some high contrast video for comparison.