As I was pondering this question, it occured to me - since DVD is a component video source, the component video connection would be outstanding, but does a given DVD player keep the video signal in its digital form for transfer through the digital outputs (DVI/HDMI)? If so, then you would get a purer signal between the player and the display device - i.e no digital->analog conversion inside player to analog->digital conversion inside the display device. (Do any current analog TVs have these digital inputs? I would guess no, but I wouldn't put it past a manufacturer to include one just to impress the customers.

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I guess it would really depend on your actual hardware. For example, people liked getting LD players with S-video outputs because, technically, S-video outputs can produce better video output. However, if you were to buy (a used) LD player today, you are generally better off using the composite video output and having your new TV convert the video to S-video (and subsequently RGB, but that's further along the line than this discussion requires), rather than having a 20+year-old LD comb filter do the conversion.