I bought a converter from here:
http://www.kat5.tv/index1.html
They support stereo sound aswell as s-video, and I use them to transport s-video from my main sky box, to another room using a 20 metre run of Cat 5.
The quality is superb. But they are a bit pricey (~£100 for a transmitter + receiver).
I made my own little converter to start though, just wiring up the svideo directly to the Cat 5 cable, and the quality was excellent at a length below 2 metres. After that it started snowing.
The boxes from the above site though change the impedance of the signal to reduce loss etc, and work very well.