Rigged up an S video adaptor, using an S video port from a junked TV, and soldering two composite video cables to it (labeled for luma and chroma). I hooked the Tv to a DVD player and... the picture was unwatchable and the audio was horribly crackled and distorted.
Then I started playing with those controls on the back. After adjusting the levels, I got a great picture and audio. The red is a bit smeary, but then again I haven't adjusted the chroma controls yet. No wiggle in the picture either. (perhaps the composite control needs adjusting too)
Here's a pic of it showing the movie "Red Dragon"
The image is stretched due to the DVD player itself. Other then that it looks fine. I also found that you can hook both audio inputs up, one in the main and one in the loop. It's still mono, but both channels mix so you hear all of it.