Sure, I definitely think there is interest in doing straight up 640x480. Another thing that annoys me about modern pixel art games is when they take a pixel art sprite and rotate it so the pixels are no longer along the original axis.
Rotation isn't the only way to ruin the "pixel art" style by breaking the illusion. Other common ones include continuous scaling (as if low-resolution images were vector art) and inconsistent resolution of different objects (e.g. animated 3d-rendered characters on stylized pixel art backgrounds, or carefully crafted sprites on smoothly drawn backgrounds).
