It should, but as was stated I don't think you'll be able to get full screen, I think S video does 480i or 576i as a max.
Using DVI or DVI to HDMI would be a lot better, obviously. VGA would be better also. Currently I use HDMI to my reciever but before I had my new receiver I used VGA straight to my TV quite effectively, although not every TV (or reciever) has VGA connectors.