Turn off all the scalers and upconverters. Hopefully your TV can actually do 480i... Some of the new ones can't go down that low and have to at least deinterlace everything, which introduces some weird artifacting (even when done right, it's not the same as real interlace scanning happening on the tube as the phosphor decay time isn't right).
Modern TVs have bunches of digital filters and stuff on them designed to make crappy signals (broadcast TV) look better. However, to usually do more harm than good on very good signals (svideo or better from a good source). If you can actually turn them all off (which is sometimes hard), things usually look much better.
Also, modern TVs ship "showroom bright". At the minimum, you probably need to turn down the contrast (white level, often called "picture"), brightness (black level), and sharpness (a filter that usually does bad things) significantly. If you have access to gamma (brightness, not to be confused with the brightness control), that probably needs tweaked, too. Just for quick grins, try setting your contrast to about half to 2/3 (it's probably at or near full by default) and then turn down brightness until black doesn't get any blacker. Then see which one looks better. It may still be the old TV, sadly enough...