Interlaced video signals only send half of the visual data available every field, because, as I'm sure you know, a field is either the odd or even lines of the original frame. It's quite sad that even though your console has all the data we'd want to see and the ability to send it, but won't do so because of old standards and TV sets. The advantage of interlaced video over progressive is that using the same bandwidth it sends smoother animation. Why can't we have the best of both worlds?: High frame rate AND full resolution. I'm here to tell you that in specific situations and with a bit of extra work, you can.
Imagine your console outputting the exact same sequence of events multiple times. The sequence starts at an arbitrary point in time. Let's call the frames that comprise the sequence as they appear in your console's video memory the "original frames". Since the first original frame can happen at any point in time there's a 50/50 chance of it being converted into a top field (even lines) or a bottom field (odd lines). As a result, recording the sequence a few times is bound to result in two recordings that contain each other's complements. In other words: one recording will contain the even lines of the an original frame while the second recording will contain the odd lines of the same original frame. Now we have all the visual data of the sequence in two different recordings and can reconstruct the original full frame rate progressive video that our console wouldn't send.
AviSynth (a.k.a. tool of the gods) lets you split your interlaced video's fields . We have to align the two sequences so that both start at the first field of the sequence. After we've done that, we can interleave the two sources frame by frame which results in a video which contains a sequence of fields of which each two fields belong to the same original frame. These adjacent fields (even_0, odd_0, even_1, odd_1...) need to be woven together with the Weave function (big surprise). The result is a full frame rate progressive video that looks outstanding.
So far I've tested this with CvS2 replays. The replays play back the same sequence every time. It's almost perfect to every frame, although I've found that the flashing of the guard bar is an exception to the rule. If loading times are identical every time and programmable pads perform perfectly, then this could be achieved with any game. I don't know the answer to the loading time question and I don't own a programmable pad, so I can't confirm or deny either. Well, there you have it. With a bit of work you can have extremely HQ video to impress your friends with.