Watching a bluray movie on a 1080p display will render true 1080p video, but watching a bluray on a 720p display, the video will be downscaled to 720p.
With dvds, watching on a 1080p display they will be upscaled, and on a 720p tv they will display in true 1080p.
So to answer your questiuon, no, they will not look the same.
Well, your tv can only display up to 720p. Don't dispair however, if your tv is 720p, there is a good chance it is a smaller size, like around 37 im guessing. At this size, the difference will not be as noticible so in theory, yes it would look just as good.