Yes.
How the TV converts 720p to 1080i varies in quality and unfortunately I don't know how best to determine whether you are getting a good quality conversion.
Although a CRT set per se can have "any" resolution subject to the electron beam size versus tube face size and also subject to dot pitch, most sets have internal electronics that are limited to just one resolution usually 1080i for HDTV.
Video hints:
http://members.aol.com/ajaynejr/video.htm
How the TV converts 720p to 1080i varies in quality and unfortunately I don't know how best to determine whether you are getting a good quality conversion.
Although a CRT set per se can have "any" resolution subject to the electron beam size versus tube face size and also subject to dot pitch, most sets have internal electronics that are limited to just one resolution usually 1080i for HDTV.
Video hints:
http://members.aol.com/ajaynejr/video.htm