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1080p60 is presumably impossible. The bandwidth required to process it is most likely too much for chips that were not even properly designed for video. 720 lines also take less time and energy to scan than 1080 lines.
720p24 is just not a good idea. 720p on the Canon DSLRs has significantly lower resolution and greater aliasing than the 720p60 mode on the GH1. This proves that it's not a bit rate or even codec issue but rather a scaling issue. I am curious, though: What reason would you have for wanting 720p24?
You can get 24 fps at 720p right now, though it's not an elegant solution. Just switch to PAL. You'd be shooting 50 fps, but if you drop every other frame, then you'd have 25 fps, which is indistinguishable from 24 fps. If you still need the latter, then you could apply a slow-down.
Okay. This all makes sense. I'm just in a situation, as probably many are, where I want to shoot a specific film project in 1080, but there's a couple shots I've always envisioned in slow motion. I'm worried shooting those shots in 720p 60fps and uprezzing will result in a noticable image quality drop off.
720P60 is Blu-ray spec., I output many downcovert 1080P to 720P to match with my slomo 720P 60 clips and it looks very good, better downcovert 1080P than uprez 720P to 1080.
Blu-ray is 720p? Oh, I never knew.
I just wish they'd release firmware that had 2.35 aspect ratio framing!