I'm not sure it would have sense. Firstly, I don't think anybody really needs to change resolution on the spot, and, secondly, there already is the settings screen where the resolution can be changed (to me it's too much to have two ways of changing one setting).

Also, I've made my vision of interface. Note three things here:
1. 1080p icon at the top-left corner
2. Timer icon in the toolbar (icons should be distributed horizontally, though) (yes, I believe its place is there, as well as face camera's)
3. Switch mode button under the shutter button is only for switching to video mode now