Is there a difference between HD and SD itunes movies on the iPhone 5?

Since the iPhone 5 doesn't have an HD display, is there a difference between HD and SD itunes movies?

Just wondering because SD itunes movies cost less and take up less storage.

Just that the sd won't be as clear as the hd one

HD movies offer better image quality. However, when it comes to cost, you can choose SD. It is not that bad to watch.