Spyders will calibrate to both the HD and SD color space quite happily when drive by a computer with a saved Colorsync profile. Color accuracy, including gamma match, is normally within a dE of 3 or less, which means that you cannot see any difference from a correct response - a dE of more than 5.
The Colorsync profile works as a very good LUT for the monitor.
The monitor with calibration is better the all of the big screen HD TVs that I have measured, even those professionally calibrated. Most HD TVs have very limited color correction capability unless you get into the service menu, and even then it is a very simple 2 point correction.
I would agree that a recently calibrated video monitor in the $5,000+ catagory will be better, but only with good fresh calibration.