That isn't actually a CRT effect. A good quality CRT would look like the left picture. For example Mega Man X4 is often cited as using this "effect" as well,
http://www.mattgreer.org/articles/sega-saturn-and-transparen.... But here's the same game running on my arcade CRT monitor:
http://i.imgur.com/SAUkg5J.jpgAnd my arcade monitor is not a good CRT at all (sadly...). Good CRTs look like this: http://imgur.com/a/Ad0pe In the last photo of the fighting game, that "grid" pattern in the back of the meters would look like the Sonic waterfall on bad CRTs, but is clearly defined on good ones
There are some CRT specific effects. For example the black shadow under the ninja in this video should be rapidly moving back and forth between each character to accomplish a transparency effect. But most modern TVs can't do it: https://www.youtube.com/watch?v=NYsa8NQICnY
(For the record good upscalers fix that shadow effect.)
My point is that the article that started this thread that claims old games are supposed to look like this http://i.imgur.com/Pq2Yra4.png is just utterly not true. It's a terrible myth that someone who is misinformed started.
