My 2 cents...
What we did in our situation....
We wanted our TV to serve as our monitor, so what I did was to purchase a VGA to RGB cable from a local computer store.  The thing cost me $30, and delivered a great game image, far superior to S-video.  I am also using powerstrip to adjust timings a bit so that we can use the TV as a monitor for word processing, but it's a free download.