Well, I have the original model which is a full blown Windows PC. It outputs via HDMI and I’m pretty sure you could set it to any PC resolution you wanted. 480p is essentially 640x480, right? I would think that’s totally doable.
It is by far enough PC to run pretty much any game you throw at it including more modern ones. I haven’t really tried the likes of an Assassin’s Creed Origins or anything that came out in the last year that’s AAA, but I have certainly played a ton of stuff like Skyrim, Street Fighter V, etc. on it. It also came with the wireless 360 dongle so the kids and I play a lot of multiplayer games with up to four 360 controllers. Of course any USB joystick or gamepad you own will work on the USB ports, too. I bought a wireless Logitech el cheapo keyboard/touchpad to get around Windows on it and it’s a superb way to place a PC at your TV. 