The scaler is important. If you view SD TV direct from a cable or antenna (or 480i or 480p ATSC, if you wish), then the image quality is critically dependent on the video scaler, which has to mathematically transform 720 x 480 images into 1920 x 1080 (or 1366 x 768, or 1280 x 720) images, at the rate of 60 per second.
Some scalers work much better than others. I chose the Sony over the Samsung when I was shopping, because at the time the Sony had a much better scaler. These days, I don't know which set has a better one, but you might want to watch some SDTV on the HD set you're considering so that you can see what it will look like.
A true 720p set (1280 x 720, not 1366 x 768) will show a 720p signal (ABC broadcasts in 720p) with no scaling, in its original form. A 768p set will have to scale both 720p signals and 1080i / p signals, so everything you watch will get blurred just a bit from the interpolation. A 1080p set will scale up 720p broadcasts, but show 1080i at native resolution. There are no 1080p broadcasts, b.c. it uses too much bandwidth. AFAIK, NBC, CW and CBS all broadcast 1080i, and ABC broadcasts 720p. Don't know about Fox, but I think it's 1080i also.