720p is mainly JVC HDV ( tape) territory
Currently HDV do 1080i and you dont want tape anyway. Those HD ( Panasonic, Sony XDCAM, SRCAM ect are Pro to broadcast territory
AFAIK)
All the consumer high def HDD models use AVCHD and either do 1080i or recent ones 1080p
AVCHD is mpeg4 H.264 and hardly frame based, as AVCHD, like HDV is a compressed format which uses GOPs in an interframe compression mode
The Sanyo Xactis do 720p but they use mpeg4 too and SD card
I wonder if what you want actually exists.
Ill be quite happy to be informed of its existence in Prosumer kit or if it actually exist at all...
It may well exist in Pro/Semi Pro kit as Panasonic, JVC have all manner of exotic formats but mainstream Hi def now is 1080i and not frame based ..
And non-tape formats are strictly consumer based.
The "higher end ones" I hinted at are niche TBH