I have used and use this display for every WiiU game and most PS3 games I have played, and for both consoles they are 720p. This criticism of the extreme levels of aliasing isn't coming from nowhere. It is not only apparent at the start of a race because you must look ahead in the distance at upcoming objects.
The player looks ahead to dodge fans, for example.
That's a direct screen grab, not a picture. It's very noticeable. The fans, the course, the other ships are very pixelated / aliased. I see it in motion just fine so I feel the screen grab is fair play. In fact the screen grab arguably doesn't do it justice because shimmering stands out in motion.
Resolution and aliasing are very important to me and cannot be down played. Wipeout HD is far more visually appealing to me because of this. Textures, effects, lighting, etc. always age over time and minute differences of visual fidelity don't matter as much as overt shimmering jaggies.
I'd gladly have taken a reasonable reduction "pretty much everything aside resolution" in order to implement MSAA or a higher resolution. Or as another option, just apply some post processing AA methods that should incur little, if any, appreciable penalty. It really appears that this title is hardly using any form of anti-aliasing whatsoever.