720 and 1080 are two designations for the vertical resolution of HDTVs.
The actual number of pixels that make up a flatscreen digital (e.g. LCD or Plasma) HD display vary.
Note that the input resolution (e.g. 480i, 480p, 720p, 1080i) is always scaled to fill whatever display panel the TV has. So, the pixel count of the TV is the native resolution, and the resolutions it accepts -- and scales to the native resolution -- are the input resolutions.
A 1080 display (usually designated "1080p" to denote the fact that it will accept a 1080 line progressive scan image) is made up of 1920 x 1080 pixels (the dots that make up the image).
A "720p" display can actually have several different pixel counts (e.g. 1280 x 720 or 1366 x 768), but they are all called "720p" dsplays, since this is the closest of the standard HD resolutions (i.e. 720p, 1080i and 1080p).
So ... since the native resolution of the "TV" you mentioned isn't large enough to display a 1080 line image, it is technically a 720p monitor in TV terms ... not 1080p as mentioned by another respondent.
However, note that 1680x1050 displays are generally computer monitors, not TVs per se. They will display a TV image if combined with a tuner (or have one built in -- in which case it is an HDTV).
Hope this helps.