I haven't done a CLOSE examination yet, but, in informal viewing, I can't say that it would be easy to tell the difference between iFrame, 1080p, and 720p.
I'm a little surprised that you can't see a difference between 720/540p at 30 fps and 1080p at 60 fps. I generally don't see much difference between 1080i and 720/540p although I do see a difference it isn't as great as between SD and 720/540p. I note the Sanyo camera records 1080p at a datarate similar to that other cameras use for 1080i, which may have a bearing on what you see.
I personally would not use the 540p shooting option but unlike others I see the value of it to some. If the datarate of your export is limited then I feel this value is revealed, although I take the point that datarate isn't always restricted in this way and that there may be certain websites that don't accept 540p, (but none that I use).
If datarate is fixed and so is the duration of your video, then so is the room it takes up. Let's say you have 1,000 units of space (it's really datarate we are concerned with, but it simplifies matters to talk about space, since space is proportional to datarate). Video is broken down into macroblocks. Each macroblock requires a fixed amount of space just to exist, let's say in our example they take 1 unit of space.
With a larger resolution there are more macroblocks, lets say 500 for our example and a smaller resolution has 400. So allowing for a few other bits of essential information, say 50 units, the larger resolution video has 450 units left to fit 500 macroblocks worth of picture info into (0.9 each) and the lower resolution has 550 units to fit 400 macroblocks of picture info into (1.3 units each).
Please ignore the simplicity and especially the numbers involved which are admittedly not representative in anyway, but hopefully you get the idea.
At low datarates I see no improvement by using 720p and indeed I consider 540p to be better in many ways. Yes your situations where low datarate video is required may be limited but when it is I see an advantage in 540p especially if you can shoot in 540p to begin with. I wouldn't suggest shooting at 720p to convert to 540p as this introduces unnecessary quality loss and conversion times, but you now have the option of shooting at 1080p/1080i/720p/540p. If your desired export is 540p for whatever reason and you don't want to take up the room on your SD card by shooting at 1080 i/p, then yes I see the value of being able to shoot at 540p.
Once again, it's an additional option, not a replacement option.