I usually shoot 1080p with my EX-1. 30 or 24 fps are fine depending on content and personal preference (30p for me) and always shoot in HQ (highest date rate) mode. Interlace? Not a chance for most of what I do.
The great thing about dropping HD shots into an SD sequence is that it gives you the ability to reframe your shot within a large canvas. Plus perfect zooms or edits to tight shots to hide jump cuts without resolution loss. So many options. You can shoot in 720p if you believe more data for fewer pixels equals better SD (a valid argument I suppose), but your canvas for reframing with be substantially smaller.
I like to keep an HD version of every edit even if I believe it will ever see the light of day. Who knows what tomorrow may bring. After editing, if I want to play with framing, I'll copy/paste the edit into an SD sequence and go to town. Otherwise, I'll just export the HD sequence to Encore or AME.