I definitely think Swords & Wizardry is a power tool for the experienced, skilled referee. In the hands of someone really good, I think it can be used to surpass what a rules-heavier game can do, and in the hands of a referee who's narcissistic or spiteful it will create a crappier experience than the crappy experience that same ref would provide with a set of rules where the players have more "rights" established by the books.
For the referee with medium skills? I think it depends a lot on what makes him "medium." A ref who fudges rules in a 3e game might rock in a free-form game where those rules are supposed to be fudged. A ref who runs a tight ship on combat but can't come up with an evocative description to save his life would shine more in a game where complex combat is more of a centerpiece. Refs who have an involuntary tendency to come down against the players - much better in a 3e game where the numbers are established. Refs who get tripped up because they can't keep track of large combats but use them anyway - better in Swords & Wizardry. Mediocre referees tend to be mediocre in different ways.
Some referees, also, are particularly gifted in running one or the other style of game. I'm pretty darn good with Swords & Wizardry, OD&D, and Basic, a bit slow with AD&D, and only mediocre with 3e. (haven't DMed 4e at all). So that varies too - a DM who's in the groove for "his" sort of game makes a huge difference.
I don't think there's an exact one-to-one correspondence between the game system and defending the game from a bad DM. A bad DM will manage to produce a crappy game no matter what rules he's using. A good DM will produce a good game in spite of a rule system.
For the referee with medium skills? I think it depends a lot on what makes him "medium." A ref who fudges rules in a 3e game might rock in a free-form game where those rules are supposed to be fudged. A ref who runs a tight ship on combat but can't come up with an evocative description to save his life would shine more in a game where complex combat is more of a centerpiece. Refs who have an involuntary tendency to come down against the players - much better in a 3e game where the numbers are established. Refs who get tripped up because they can't keep track of large combats but use them anyway - better in Swords & Wizardry. Mediocre referees tend to be mediocre in different ways.
Some referees, also, are particularly gifted in running one or the other style of game. I'm pretty darn good with Swords & Wizardry, OD&D, and Basic, a bit slow with AD&D, and only mediocre with 3e. (haven't DMed 4e at all). So that varies too - a DM who's in the groove for "his" sort of game makes a huge difference.
I don't think there's an exact one-to-one correspondence between the game system and defending the game from a bad DM. A bad DM will manage to produce a crappy game no matter what rules he's using. A good DM will produce a good game in spite of a rule system.