It always struck me as odd that those old b/w clips were often shown playing too fast on TV. Isn't it more like they were simply recorded at lower fps rates? Then how can you call this speed correcting, when you merely just played them at the wrong frame rate before, just because TV is 25/30/50/60/59.4i² frames/fields per second and you didn't want to convert it in any way. And then suddenly a few years ago these speed corrected versions started to pop up on the internet, like "hey we just fixed the past, people didn't actually move twice as fast back then!"
I guess I just don't like the term, but maybe there is more to it.