I always thought, and still do, that "upscaling" the effects would be impossible.
The maximum resolution of videotape is, what, 480i? You're stuck with that. It would be no more possible to suddenly make that HD by upscaling it than it would be to make a gramophone record sound like a CD by somehow getting it to play over modern speakers. It's inherently limited by technology, or lack thereof.
And before anyone mentions upconverting DVD players: Not the same thing. All *that* means is that you're getting the standard def DVD image to not have like 2 feet of black around all sides when viewing on an HDTV. It's NOT making the actual image into HD, or even any increase in quality at all.