Current settings are apparently 1080p in widescreen... Isn't that better than some Xbox One games? Or is the Dashboard alone 1080 and the games are 720?
My screens output is also 1080p at 60Hz (which I'm pretty sure means FPS).
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Your dashboard is in 1080p. Your games are 720p upscaled. And yes, 60Hz means your display supports and can output up to 60fps.