Can you tell the difference between a 1080p and 720p screen on a smartphone?

I am thinking of pulling the trigger on the Nexus 5 just for the fact that it has a 1080p screen. I have never used such a high resolution screen on a smartphone before and it seems to be quite alluring. Only phones I've used and can compare to are the iPhone 5 and Nexus 4.

So how much better does a 1080p screen look in person? I know the iPhone 5 is already 'retina' quality, meaning you can't make out the individual pixels, but does text appear even more crisp on the 1080p screen? I am assuming high-def movies certainly look noticeably better. Please share your experiences...I want to get a feel for how good the 1080p screens are during everyday use.