S-Video is a conection used on Hi8, S-VHS, DVD, SAT... to achieve better picture quality by separating the color and resolution portions of the video signal. Standard RCA jacks are limited to about 240Lines of resolution whereas s-video can get upwards of 500. If you are only planning on transferring VHS then No there is value in the S-video for you.
*the tv wonder is also Stereo but the VE is just Mono
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