For anyone even slightly interested, go for it!
Got mine and I'm VERY happy with it!!
S-Video quality is EXCELLENT!
I combined mine with a cheapo S-Video to VGA adapter and I'm running my Amiga (and my C-64 as the other adapter which was under $40 also supports composite) on my computer monitor. Advantage to that combination is that I can now play PAL games. (MY TV doesn't support PAL)
I did however run my Amiga on the 32" LCD TV using amigamaniac's adapter (before hooking it to the other adapter and moving it to my computer monitor), and the picture was incredible!
desiv