I think that the question is sufficiently precise if we think at a realistic meaning of the word “inconsistent”. Also nowadays, for non logicians the adjective “inconsistent” doesn't really mean “free of contradictions” (this is only the obvious meaning given by modern Mathematical Logic), but rather it means not acceptable by a large or important part of the scientific community.
Also nowadays, some of our works in some parts of modern Mathematics are not accepted as sufficiently rigorous by other parts. These works are hence perceived only as not sufficiently precise “ways of arguing”. Therefore, these “foreign argumentations” are perceived as potentially inconsistent, and need a different reformulation to be accepted. I know of relationships of this type between some parts of Geometry and Analysis, to mention only an example. It is the same problem occurring in the relationships between (some parts of) Physics and Mathematics because these two disciplines are really completely different “games”: in Physics the most important achievement is the existence of a dialectic between formulas and a part of nature, even if the related Mathematics lacks in formal clarity and is hence not accepted by several mathematicians.
Analogously, early calculus was consistent until the community accepted these “ways of arguing” and discovered statements which could be verified as true by a dialogue with other part of knowledge: Physics and geometrical intuition in primis.
Since in the early calculus the formal intuition (in the modern sense of manipulation of symbols, without a reference to intuition) was surely weak, the dialectic between proofs and intuition was surely stronger (I mean statistically, in the distribution of 17th century mathematicians). In my opinion, this is the reason of the discovering of true statements, even if the related proofs are perceived as “weak” nowadays. Once the great triumvirate Cantor, Dedekind, and Weierstrass decided that it was time to make a step further, the notion of “inconsistent” changed for this important part of the community and hence, sooner or later, for all the others.
Also from the point of view of rules of inference, the consistency of early calculus has to be meant in the sense of dialectic between different parts of knowledge and acceptance by the related scientific community.
Therefore, in this sense, in my opinion early calculus is as consistent as our (and the future) calculus.
I agree with Joel that “we are not in a qualitatively different situation”: probably in the near future all proofs will be computer assisted, in the sense that all the missing steps will be checked by a computer (whose software will be verified, once again, by a large part of the community) and we will only need to provide the main steps. Necessarily, articles will change in nature and, I hope, they will be more focused on those ideas and intuitions thanks to which we were able to create the results we are presenting. Therefore, young students in the future will probably read disgusted at our papers saying: “how were they able to understand how all these results were created? These papers seems like phone books: def, lem, thm, cor, def, lem, thm, cor... without any explanation of discovery rules and several missing formal steps!”.
Finally, I think that only formally, but not conceptually, this early calculus may look similar to NSA or SDG. In my opinion, one of the main reason of the lack of diffusion of NSA is that its techniques are perceived as “voodoo” by all modern mathematicians (the majority) that rely their work on the dialogue between formal mathematics and informal intuition. Too much frequently the lack of intuition is too strong in both theories. For example, for a person like Cauchy, what is the intuitive meaning of the standard part of the sine of an infinite number (NSA)? For people like Bernoulli, what is the intuitive meaning of properties like $x\le0$
for every infinitesimal and $\neg\neg\exists h$
such that $h$
is infinitesimal (but not necessarily there exists an infinitesimal; SDG)? Moreover, as soon as discontinuous functions appeared in the calculus, the natural reactions of almost every working mathematicians (of 17th century and nowadays) looking at the microaffinity axiom is not to change Logic switching to the intuitionistic one, but to change this axiom inserting a restriction on the quantifier “for every $f:R\longrightarrow R$”.
The apparently inconsistent argumentation of setting $h\ne0$
and finally $h=0$, can be faithfully formalized using classical calculus rather than using these theories of infinitesimals. We can say that $f:R\longrightarrow R$ (here $R$
is the usual Archimedean real field) is differentiable at $x$
if there exists a function $r:R\times R\longrightarrow R$
such that $f(x+h)=f(x)+h\cdot r(x,h)$
and such that $r$
is continuous at $h=0$. It is easy to prove that this function $r$
is unique. Therefore, we can assume $h\ne0$, we can make freely calculations to discover what is the unique form of the function $r(x,h)$ for $h\ne0$ and, in the final formula, to set $h=0$ because $r$ is clearly continuous for all the examples of functions of the early calculus. This is called the Fermat-Reyes methods, and it can be proved also for generalized functions like Schwartz distributions (and hence for an isomorphic copy of the space of all the continuous functions). Moreover, in my opinion, both Cauchy and Bernoulli would had perfectly understood this method and the related intuition. On the contrary, they would not be able to understand all the intuitive inconsistencies they can easily find both in NSA and SDG.