Well, whether you are doing Chroma keying, luma keying, or matte's, you also need a good system that can handle the colors separately and good timing. I was just watching a DVD of The Midnight Special the other night, and on one of the videos, because it was just one person and a guitar, the director was chroma keying the singer so that they were on screen the whole time, but then the director could also get close-ups of the hands strumming the guitar, etc. But you could tell that the chroma key was being done with composite video and the green background, while mostly gone was still leaking through, mixing with composite dot crawl.
But then you watch an old film like 1956 The Ten Commandments, and there are traces of chroma keying all over the place (Just watch the scene where the Pharoah and I think Moses are looking out on the crowd pulling the Egyptian statue through the streets, you can see the edge of the blue screen matte by their feet, and even more blue screen matte lines around the statue as the scene contains 3 different layers).