Certainly the 640x480 "SD", which is supposed to be the equivalent of NTSC, is not even remotely near the quality of modern analog NTSC.
... I'm still sort of confused by this myself. By "Analog NTSC" are you referring to the very best picture quality you could get from devices that used NTSC's "525i@30fps" video framing but transferred color data separately (IE, SuperVHS/Component), and therefore aren't "according to Hoyle" NTSC, or comparing, say, the video quality you get from a "broadcast quality" NTSC source (or close, like a LaserDisc) vs. the "bastardized" NTSC you get from sources like a VHS player? (Or, on the other end, broadcast NTSC vs. the digital artifacts you get from, say, MPEG-2 compression on DVDs displayed on NTSC?) NTSC has fundamental limitations that make its effective (color) resolution *much* less than 640x480 "SD".
(
Here's a link discussing how the effective horizontal resolution of an NTSC signal is affected by the sampling bandwidth of the data source, which notes that even the highest quality broadcast/LaserDisc formats are only good for about 400 lines horizontal resolution, but the real picture is worse than that since that figure is for *luminance* only, IE, the monochrome intensity part of the signal that's essentially "colorized" by the color subcarrier.
The color (chrominance) resolution of an NTSC picture can, in the worst cases, be as low as *25 lines* horizontally; granted it's more typically in the 100-ish ballpark.
Again, these issues are completely baked into NTSC; systems like S-Video and Component which divorce the color information from the luminance signal and therefore avoid the bandwidth limitations of the broadcast comb filter are pretty much the only way to improve the situation. Notably the recording format of both LaserDisc and CED is "composite", IE, the few LaserDisc players that offered S-Video outputs had to pass the signal through a comb filter just like the one in the TV, effectively "faking it"; a well-encoded DVD, MPEG-2 limitations and all, is at least theoretically capable of far higher color resolution and better fidelity than a LaserDisc, and of course if we're talking about "uncompressed" content... there's no comparison, period; 640x480 at 16 bit or better color depth going to a VGA or digital monitor is going to blow away the same thing pushed through NTSC encoding...
So, yeah, are you talking about the ravages of digital encoding vs. uncompressed analog or am I missing something? I have as much nostalgia for the good ol' days as anyone, but, well, part of that involves fond memories of how back in the day if someone made the mistake of wearing a checkered or pinstripe tie on TV it would shimmer with all the colors of the rainbow as they moved around...