No it's not. You may be confusing 1204x720 for 1280x720, which is 720p and is a much higher picture quality than 480p. 480p is 852x480.
Also 480p is a much smaller file size usually averaging 180MB for 45 minutes whereas 720p would be nearly 1GB.
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Its suppose to make your picture on your tv look better 480p is
ED (enhanced definition) below that is SD (standard Definition) the
highest is HD
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480P refers to the number of lines in a progressive video. It is
a definition of resolution on the screen. 480p60 is 480 lines
resolution on the screen at 60 frames per second.