S-Video (and composite) are, as Monk says, equivalent to 480i. If you're planning on using a Pandora as a video player for a 45" display, you're a little bit mad. Quality will be about as good as old-fashioned broadcast TV.
Quality of S-Video on your big LCD TV will depend largely on the TV's display processor. Most low or mid-end units will use cheap scaling/upscaling hardware and may not make a very good effort at processing your interlaced analogue luma+chroma signal into their (probably) 1366x768 60Hz native resolution. High-end Dell monitors are about the only displays I know of which would make the best of such an input. Consumer-level TV's.... you're probably looking at the premier offerings from Toshiba, Sony and Pioneer as being capable of producing the best presentation of 480i.
There's been quite a discussion in this thread about S-Video, SCART and composite. I might suggest those interested read
http://en.wikipedia.org/wiki/S-Video for some guidance. Points of note are S-Video over SCART not being part of the spec and is mutually exclusive to RGB over SCART. Most TV's with multiple SCART inputs usually have only one input capable of RGB. The other sockets may only support composite + audio, not S-Video. A composite signal needs just a particular capacitor to convert from S-Video's luma+chroma separate signals.
I get the impression that many people would like to use their Pandora as a netbook (otherwise this thread is a little bit redundant!), and thus HDMI would be an important feature for them. My only suggestion to those people is to buy a real, Atom-based netbook. They are great machines and you will enjoy years of satisfaction with even a cheap, low-spec unit. If you want a small (HD) video player, there are netbooks incorporating an Nvidia GPU. These may be more costly, but again you will be very happy with it.
The Pandora is a gaming device, with geneal computing capabilities as a bonus feature. I expect good-to-excellent gaming features, such as a bright, responsive in-built display and hardware capable of driving complex graphics and audio. I expect good, ergonomic gaming controls which don't cause fatigue. I don't necessarily expect to be able to manipulate large spreadsheets, compile complex C++ code or use it as a PDA (though I do expect such software to become available).
It's great that the Pandora will be capable of some serious uses, alongside the gaming (including emulation) but the gaming aspect is what it is for, what it's selling-point is and what I will pay for.