PAL is better resolution, higher framerate, and, I believe, better colour depth. It's still relatively crap ass compared to what is possible, but until we get a standard for HD, it's the best common format broadcast format.
1) The resolution difference doesn't really matter unless people take advantage of it, and it rarely happens. If you've ever compared a PAL and NTSC DVD there's really no difference in detail, and if there is it is not due to the extra resolution.
2) Higher framerate? PAL is 25fps, NTSC is 30. Since people tend to just speed film up for a PAL release (as there's only 1 frame of difference) it makes PAL movies speedier then normal. NTSC looks much for natural due to 3:2 pulldown.
3) I'm not aware of better color depth, though someone correct me if there's other info.
Gentlemen, you can’t fight in here, this is the war room!