All numbers that I will give typically are based on people buying a 16:9 projector and matching it to a 16:9 screen. If you look at the world of home theater and video it is ALL about 16:9 - so I use that as the standard.
Generally speaking, I don't recommend that you watch much regular televsion on a projector. Some digital TV stuff can look so-so, and HDTV will look absolutely phenomenal. But, regular television will tend to not look great. Depending on your opinion it may look 'bad', but this is all opinion. I have used my projector at one time as my ONLY television and watched regular TV on it all the time. Black bars on the side... and I guess 'grainy' would be the term I would use to describe it. Not horrible, not even 'bad', but quite clearly subpar. The jump in quality that DVD and HDTV gives is tremendous. But, it was still very viewable and enjoyable.
To make a car analogy - SDTV is like a Toyota Camry. Nothing exciting, not the most powerful or most refined - and might have a few minor hiccups. It doesn't match up to the refined Mercedes (DVD) or really nice Porche (HDTV), but it is readily available and always reliable.