I read Hardcore Gaming 101's detailed review on it, & yeah, doesn't look like it's really worth getting. I can imagine back in the day, it was neat having those commercials as unlockables, but now you can just see them on YouTube.
As for my TV, don't think S-Video is supported (unless there's a converter), so I guess composite will have to be the way to hook it up or I get one of those S-Video to HDMI or component converters.
Appreciate all the answers from everyone, I just wanna make sure what I'm getting into before getting the system & trying to get games for it. The only time I ever got to play one was when I was 10 years old & it was a demo disc for stuff like Daytona, Nights, Clockwork Knight, & some other games I can't remember.
If you have the willingness and/or capacity to toss some money at it, the Framemeister or the OSSC (Not yet available in mass production) with an RGB Scart or RGB JP21 cable are the best ways to connect to an HDTV. If money is an issue, but you don't want to sacrifice all the quality, this Scart to component transcoder is a potential answer. However you have to be certain your HDTV can accept 240p over component. The cheapest and easiest, but much uglier solution is to just plug composite (a.k.a. A/V, RCA) cables straight into the HDTV if the TV has that input.
I always recommend people read and study the OP in this thread for more details.