Incorrect

According to the report, Apple is testing two sets of seven drivers each targeting either dual-core or quad-core chips. Within each set, Apple is said to be testing four drivers targeting the current 960 x 640 display size, two targeting 1280 x 720 displays and one targeting 1440 x 800 displays.

Not only would those displays not fit the @2x paradigm established by the iPhone 4 display, and expected to carry over to the iPad 3, but neither of those other resolutions are at the same aspect ratio as each other, let alone the 3:2 ratio of all iPhone screens.

Update

Oliver Charavel pointed me to this curious patent, which describes persistent overlays distinct from the actual content. If anything about the MacRumors story is true, then I think the main UI will still write to a 640 x 960 area, and the surrounding border of pixels will contain these persistent overlays. The 800 x 1440 display mentioned above is interesting, because that works out to a ratio of 1.8. The current iPhone dimensions are a ratio of 1.94.