Lighting and sound are definitely more important. Under many circumstances a good sounding well lit 720 (or even 480) video is better than an average 1080 video

Lighting and sound are definitely more important. Under many circumstances a good sounding well lit 720 (or even 480) video is better than an average 1080 video. That does mean that 1080 or 4k is overkill though. Especial if the content includes a lot of detail shots or text.