In general, people seem to agree that the HMC/HPX/HVX resolve a bit more than DVCProHD 720 can handle, and a bit less than DVCProHD 1080 can handle. So, in 720p, the HMC's full-raster image will probably have a small advantage in sharpness over the HPX/HVX; in 1080, probably won't.
Pixel shift is not trivial, and its effects on resolution depend on the image being recorded. There may be situations (monochromatic scenes?) where the HMC full-raster 1080 has some advantage over DVCProHD 1080... but not likely very many.