Someone on IRC was curious about my vintage terminal and asked:
<+halpychan> can you watch anime on the VT420?
I tried to watch the first episode of Samurai Champloo on it. Here's the result.
The audio stutters a bit since mplayer spends a lot of time waiting for the terminal to finish drawing the screen, but overall I'd say the VT420 is the current gold standard for viewing your 10-bit chinese cartoons and beats contemporary LCD screens by a landslide.
If you want to try this on your own VT420 or on your >boring software-emulated terminal, here's the mplayer incantation to play a video using the ncurses text output:
$ mplayer -vo caca your_filename_here.mkv