I'm looking to upgrade to the mits but is it really a upgrade or should I wait for 1080p

Over 2.24x the number of pixels and similar overall quality. I'd say it's definitely an upgrade. The difference in detail and clarity with HD is big. We're talking about around 921,600 pixels vs 409,920 pixels.

Some are saying you can't see the difference between 1080p and 720p from 1.5x the width of the screen. I'm more interested in the contrast black level differences if that's the case.

I might be upgrading my 4805 to one in the future. However, I plan to upgrade the HD1000U not too long after (maybe 6 months to a year). If you wait for 1080p you'll be waiting for a little while. None will come near the HD1000U price for awhile.

I'm not certain yet, but the HD1000U might be "moddable". Maybe an iris and/or full or partial white segement block. This would provide a significant black level and contrast improvement.

I am going to upgrade its just a matter of when. I am redesigning my theater right now and moving to a larger perf (SMX) screen so the increased pixels and lumens would be helpful.

Made this exact upgrade, and let me tell you, it's well worth it.