OK, I will try partially to reply myself.
If I remember correctly, then for 480i transmission each line caries 1 B&W signal and one color signal. Because we need two color signals in order to reconstruct RGB values (3 values requires 3 signals, not two), the third color signal is taken from the previous line, which also contains B&W signal and color signal (for different color then the next line).
All that leads to good B&W resolution but twice worse color resolution.
So 480p, if it caries all 3 signals for each point (which I am not sure, but probably it does), then you get color resolution similar to B&W resolution.
And that's only for the static images! If image is changing (like usually in the games) then the difference must be even more noticeable. So 480p all the way!