To state a few things that are large misconceptions:
-Disk capacity is rated in bytes.
-Throughput (ie: network speed) is rated in bits.
Mega (million) = M
Kilo (thousand) = K
Bytes = B
Bits = b
1 Byte (B) = 8 Bits
1 KiloByte (KB) = 1,024 Bytes (Not 1,000, because to express this in binary the closest thing to 1,000 is 2^10 which is 1,024)
1 MegaByte (MB) = 1,024 KB
1 MegaByte (MB) = 1,048,576 Bytes
1 MegaByte (MB) = 8,388,608 Bits
1,000 Megabits = 1 Gigabit (Gigabit Ethernet or gE)
1 Gigabit = 128 MegaBytes (MB)
Theoretical max throughput on gE is 128 MB/s.
Uncompressed 1080p24 HD Video is huge. Sadly gE alone cannot sustain the required throughput of uncompressed HD video. Want proof?
1920 x 1080 24/fps (frames per second)
1920 x 1080 = 2,073,600 pixels
If the signal was RGB you would have 3 bytes per pixel for a 24bit color depth (8*3=24)
So 2,073,600 * 3 = 6,220,800 Bytes per frame
At 24/fps it would be 6,220,800 * 24 = 149,299,200 Bytes per second of video. Or using the information above, we find that the required throughput would be ~142 MB/s or in networking terms ~1,139 Mb/s. We also haven't calculated your nice 7.1 channel audio either!
So no, gE cannot handle uncompressed HD video like HDMI can.