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The pattern follows the proper video standard. In other words, if you had a CRT back then or today, and it was properly calibrated to the manufacturer and standard specifications, they would look like so.

Check out this interview to a developer:

In other words, SEGA artists admitted that they had no idea about the dot clock and were making games with such issues. The engineers that designed the hardware didn't tell them, so they were clueless.

Thanks. Can you point to any HUDs or objects in a Genesis title that are supposed to be squares/circles so that I can cross reference it with Keith Reney's squares?

You can try this experiment yourself. Load up the 320x224 monoscope pattern into an emulator, take a screenshot and put it into Paint. Stretch the vertical size to 240 so that youre looking at a 4:3 picture, the  measure the red "squares." theyre going to be off.

ok i think i see where the problem may lie. in Paint, when you stretch the picture, its not stretching the middle part of the pattern...

that sounds like a terrible tool for the job then...

But then again, yo are trusting the emulator PAR, and not the console output or a well calibrated CRT to standards.