So, I had a quick look at the Belkin website:
AV360™ Mini DisplayPort Converter for 27"iMac
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+Accepts full 1080p signal, provides 720p to iMac+
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So it's slightly more convenient than the Kanex in that you don't have to set your device's output to 720p, but the signal reaching the iMac will still be 720p.
If there's going to be scaling, it might as well be upscaling to 1440p rather than downscaling to 720p, IMO; especially in a product that does cost a fair amount. It makes you wonder whether 1080p-limited hardware entered production before the limitation was discovered, and downscaling was added as an afterthought.