Did I post this here? A collection of some random effect tests.
The first image was a scene I used to test how texture format affects fillrate/render time. For that scene (it could vary greatly depending on exact camera angle, scene complexity, texturing), I got these results:
36.22 ms (16 bit VQ no mips 2x SSAA)
19.70 ms (16 bit uncompressed no mips)
19.69 ms (16 bit VQ no mips)
16.83 ms (16 bit small codebook VQ no mips)
15.92 ms (4 bit uncompressed no mips)
13.52 ms (4 bit VQ no mips)
12.78 ms (16 bit VQ with mips 2x SSAA)
11.85 ms (4 bit VQ with mips 2x SSAA)
11.24 ms (4 bit small codebook VQ no mips)
11.13 ms (Untextured 2x SSAA)
9.49 ms (16 bit uncompressed with mips)
9.20 ms (16 bit VQ with mips)
8.80 ms (8 bit VQ with mips)
8.61 ms (16 bit small codebook VQ with mips)
8.53 ms (4 bit uncompressed with mips)
8.53 ms (4 bit VQ with mips)
7.91 ms (4 bit small codebook VQ with mips)
7.81 ms (Untextured)
All with bilinear filtering and normal mipmap detail levels. "VQ" is a compressed texture with a full codebook (2048 bytes) and "small codebook VQ" is quarter size (512 bytes), which fits the PVR's texture caches better. For uncompressed textures, the PVR behaves as though it has a 512 texture cache, and for compressed textures, there seems to be a 512 byte cache for indices and 512 byte for the codebook.
So 2x SSAA with mipmapping generally renders faster than no SSAA without mipmaps. Last year, I've looked into modding Shenmue to add mipmapping and SSAA, which would have less GPU slowdown than the original game.
Shenmue's engine actually has some SSAA support built in. There's an init flag that turns on hardware AA and adjusts the 3D transforms to account for it, but 2D elements aren't adjusted, so they're squashed into the left half of the screen. There's some bug in the video driver than causes it to set the frame buffer address incorrectly when page flipping, so the screen vibrates left and right by 2 or 4 pixels each flip, and the edges of the display are corrupted. I was using VGA, it's possible NTSC might work better? When there's alpha-tested foliage, there's basically always slowdown, but otherwise it's still mostly 30 FPS when in Dobuita or indoors (I didn't try the harbor, there would probably still be slowdown there.)
Shenmue also has support for other resolutions, like 320x240 noninterlaced NTSC, although I haven't tried it. Shenmue uses the old PVR driver, which lacks support for any VGA resolution other than 640x480.
The engine also handles 24-bit and 32-bit color pretty well. I thought there would be problems with running out of video RAM, but it just loads fewer NPCs, so after it loads the static NPCs, there's only one person, maybe two, wandering around in Dobuita. Space Harrier had broken graphics when not in 16-bit color (the backgrounds are broken, but the sprites are fine). It felt strangely wrong when I played the game with dithering-free 24-bit color, and forced bilinear on 2D elements (mainly to fix the pixelated sky).