Can anyone provide opinions/experience regarding component video switching using a 950 or direct to monitor for the best possible picture?

In theory, direct to TV is of course the best approach, but I've been using the 950's component switching for progressive scan DVD (480p) from both a DVD player and a DVD recorder since I got my current TV back in May and have found the results to be excellent. My HD signal goes DVI, so I can't vouch for how well it handles switching 720p or 1080i signals, but the 950's switching was designed with HD signals in mind.

What are you using for your HD signal?

A digital cable box (Pace DC-550) through Time Warner. My TV (a Zenith C32V37) also has an OTA HD tuner that I use a little with an indoor antenna (Zenith Silver Sensor).

I don't think the 950 can do this, but I am going to take a stab. Can you have the VHS S-video transfer to the component output?

Nope, the 950 does not have component upconversion.

I think I'll go ahead and use the 950's component switching for my Arcam DV78 and my Dish DVR. That way I can continue to control my system through the 950's dc trigger and my Panamax 5100. As long as the 950's component video connections can pass 480P with no signal loss I should be fine.

Sounds like a good plan. I feel sure that this will work fine for you.