Erik,
I think you are right in that there is a blurring of vintage and "off" vintage, of SQVP and classic VP with Noval and Vesuvio being two quintas leading the creation of the confusion.
What about Quinta do Crasto and also slightly different but, Quinta do Portal?
Personally, I have the confidence that both Noval and Vesuvio will only produce vintage port if the quality justifies a release. I trust them that they will vary the quantity produced and not compromise on the quality and this has been supported by my personal experience. For this reason I will buy and will continue to buy Vesuvio in every vintage.
Well said Alex and just wait until you wrap your lips around the 2005 Vesuvio!

You have to try one while it is still a really young pup. There is a reason why Harlan is so popular.
However, you may well find that in years to come if you need or choose to sell one of these cases of '04 Noval that you have, you may not get as much for it as you would for a case of the '03 even though they are of very similar quality. It is a reflection of the potential second-hand buying market and not the quality of the port from Noval.
It is also a value judgement from those that believe the classic vintages have more
worth than the "also rans." :o Seriously, which would you rather own a 2000 Haut Brion or a 1998? A Vesuvio 1994 or 1995? A Q do Noval Nacional from 1997 or 1996/1999? I love drinking great values in Port and do so often (it is my job

) but if I had to choose between the examples above it would be the better names from the big vintages. That is a HUGE generalization, as I can also point out plenty of examples of big names failing to deliver excellence in big vintages. Just a discussion point, because I feel that in another decade, there will only be the British shippers that maintain the tradition of 3 declarations per decade. Considering how few British owned companies are still in the Port trade, albeit some huge names ... (only 3 members at the Factory House today) it will be very interesting to see how this evolves.