I'm not sure why anyone would expect a format that dates back to 1978, even older than the Compact Disc, to compete with any modern format. But it still has it's merits.
There are a few noteworthy things about Laserdisc.
The video is actually a composite signal. With that in mind, even if your player has an S-Video output, it's often better to simply use the Composite output. Using the S-Video output just means it's using the built-in Composite to S-Video converter, and modern electronics generally do a better job of working with the raw Composite signal than whatever old electronics are in your players built-in S-Video converter.
The video signal is actually analog. That means the quality of the player has a noteworthy impact on the quality of the resulting video. Not all Laserdisc players are equal.
Early Laserdiscs used Analog Audio. PCM digital audio was added later, and the Analog tracks were repurposed, with one often being used as a commentary track, and the other being used to store a modulated AC3 (Dolby Digital) signal. You need an "AC3 Demodulator" to convert the analog AC3 signal to a usable Digital AC3 signal. These are rare, so in most cases the PCM track is your best bet. A small number of rare discs replaced the PCM track with a DTS track. This does not require a demodulator. The PCM track is typically encoded with a matrixed Dolby Surround track which works quite well with receivers that offer Dolby Pro-Logic (and later variants) decoding.
The video resolution of Laserdisc is 420i, lower than later DVDs that maxed out at 480P, but still very watchable especially with a good player and some post-processing.
My main Laserdisc player is a Panasonic LX-1000U. It's a very decent player and a tank that has stood the test of time. I run it's output into the input of my HTPC which gives me lots of options for deinterlacing and upscaling. I have two different sets of the original unmodified Star Wars trilogy on Laserdisc and that is the main reason that the Laserdisc player gets used these days, but I also play other movies occasionally just for nostalgia sake. Probably my "best", and also newest Laserdisc is a copy of Star Wars: Phantom Menace, which was only released in Japan (Laserdisc was more popular in Japan and had a longer life there). It has hardcoded Japanese subtitles, but they are in the black bars, so I can just crop them out.