If you take it in steps, it obviously won't be much of a difference. 540p isn't much better than 480p. 720p isn't much better than 540p. 720p to 1080p is a much bigger difference than any of those listed yet, but depending on the TV size and how close you sit, it could still mean little.
480i > 1080p, however, is a very big gap, and it's the jump most people will be making.
And here's a good comparison of some 480p to 1080p goodness, though it's not quite the same as on a nice TV from 8 feet away.
http://xylon.haloapplications.com/bluray/kingdomofheaven/04/







