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It's because the transfer itself really isn't degraded. Really, all that's going on with Planet Terror is a layer of digtial noise that was added. Everything underneath looks like a brand new film, as it should. It'd be different if say, Rodriguez de-saturated the colors, made the transfer look...

Planet Terror, despite the artificial degradations, looks fantastic. It'd definately benefit from an HD release. If we extend the logic that it doesn't deserve to be in HD, then you could argue that it should never had appeared on film, which has a much higher quality than HD.

Yes, the film just has an artificial layer of grain and film scratches--the resolution wouldn't be affected at all.