Question about new updated 1080p movies etc

so im going through stuff on mac see whats 1080p, 1 thing dont understand.

says, 1080p, 720p, sd says (720p downloading)

mean, can stream 1080p, or something

check immortals on top example. says

hd: 720p, 1080p
(downloading 720p)

 

itunes preferences -> store -> select 1080p hd preference download

movies show 1080p downloads, no more 720p

 

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