Not sure when this happened specifically but I was watching a video on Costa Rica which is available in 4K (1440P). Out of curiosity, I tapped the three dots and hit the Quality button and all of a sudden I could select resolutions higher than 720p! It was automatically at 720 but I was able to bump it up to 1440! Link to this video is provided with some screenshot attached. If you have some time to kill, watch this on your note 4 it's absolutely stunning in that resolution.
http://youtu.be/iNJdPyoqt8U
http://youtu.be/iNJdPyoqt8U