Playing on a 2006 plasma screen tv?

I'm playing my regular ps4 on a 2006 panasonic plasma screen hdtv. Specs here http://ift.tt/2c464Dd

The display looks fine, but if I played my ps4 on a more current (made in the past 4 years) flat screen hdtv, would there be much of a difference in graphics quality? My tv right now can use 1080i or 720p for my ps4, but it does not support hdr or deep color input.

Also, which would make the display look better for gaming, 1080i or 720p?