Ok, ok, I know you're going to hate me for saying this, but yes -- I do "waste" time converting videos. Ever since I found Handbrake, I love having the ability to let my desktop computer spend time and effort optimizing videos for playback on my handheld devices, customized to their exact resolution, rather than forcing them to muck around with real-time conversion of data. You can get a better quality of video and much smaller file sizes; what's not to like?
You do not need support from Nokia or Ti to get 720p working, overclock and install VLC player and you will have 720p simple as that.