Yes yes, this is my question as well!
Same exact experience as you...my source footage is 1080p but when it plays back on all the diff machines ive tried, its super jumpy. As if its trying to take it from 24-30 poorly with interlacing. i really hope im missing something here, Apple has sooo little support for getting HD out of the studio and this seems like a great option but if its no 1080p, its not worth anything to me.
I really want the functionality of an HD-DVD for this screening we have Weds but if i can't get my footage to play right, i might have to go with H.264 Quicktimes and Keynote!
=S=