Last time I checked, Premiere CS4 did not have a 720p editing preset for the AVCHD codec. I just received a white paper from Panasonic today (ftp://ftp.panasonic.com/pub/Panasonic/business/provideo/whitepapers/Ed iting_Avchd_AdobeCS4.pdf) discussing the editing workflow for AVCHD video in Premiere CS4 and low and behold they have an image in the white paper of the editing preset dialogue box that shows 720p as an option! Could this be coming with the new 4.1 update? We will have to wait and see as it is not discussed in detail in the release notes from Adobe (http://www.adobe.com/products/premiere/pdfs/premiere_pro_4_1_update.pd f).
That's been discussed before and unfortunately is not an option at this time. You cannot choose 720p resolution if you select AVCHD as your editing codec. Unless something has changed recently, that has been the case since the release of CS4.
Ah, I see what you're saying.
It's a good guess that partners and manufacturers have access to pre-release software, so I agree that from the screenshot it is likely to be included in 4.1, but only time will tell.
If I remember correctly, I did see the 720 presets for AVCHD on the version of 4.1 they were running at NAB, so unless something has changed, I would expect to see them included in the update.