Exactly backwards. It makes 100% sense for Apple to roll out better hardware and then have the "software" follow it. If all the Studios put ALL of their content in the iTunes store today in 1080p quality for

TV, how much of that would sell? None, because there's not

TV in place that can play it.
If a Studio wants to test the profitability of adding 1080p content for

TV by putting a movie or show in there today, how will that test fare? It will flop, because there's no

TV hardware in place to play it.
The hardware must LEAD. Entrench the hardware and with each unit sold, some Studio gets increasingly tempted to see if they can make more money by selling/renting a movie via iTunes vs. putting it on a disk and giving Walmart, Best Buy, etc a cut. If they find it profitable, they'll put more 1080i/p content in the iTunes store.
However, BEFORE there's any

TV units in homes that can play 1080i/p content, it IMPOSSIBLE for the Studios to sell 1080i/p content for

TV.
Look at all of Apple's other stuff. I just bought the latest & greatest iMac i7 Quad. I haven't yet found a way to max it out. I would guess that most people don't max their's out either. So should Apple stop advancing Macs until the software is in place to max them out? Should Apple stop advancing iPhones until the software is in place to max them out? Why is this ONE thing from Apple seen so differently?
Build 1080p in, and it serves every interested customer whatever they want- the best 720p playback or 1080p playback. More people will buy because they get what they want. More units installed becomes temptation for those with 1080p content to rent or sell to us. It's only a matter of time until they pitch testing 1080p content in the iTunes store to Apple. As is though, even if they want to sell us 1080p

TV content, they can't, because it can't be played even if they put it in the store tonight.