I prefer S-Video for any 90s consoles that factory support it except the SNES. I can't think of any that support Component. From the Dreamcast on, if Component allows for progressive scan or higher resolutions I like the option. Sometimes 480p bring out the aliasing more than S-Video does.

To me they're the same thing in different packaging unless the resolution increases, kind of like Component versus HDMI. I do notice a difference in white and black levels between the three, but even on the same settings I can't say one clearly beats out the others.