As long as the speed is appropriate for the angle of bank I see nothing wrong with a steep S turn, although I prefer sideslips myself if the aircraft allows it.
It can make all the diffference in a PFL, but if I was flying a normal approach and finding I needed an S turn, I might just be asking myself 'why?' and consider going around and flying a better approach,
Bottom line is fly the aeroplane, but try to set a good example as well. I would hate to see a student or inexperienced pilot try to emulate such a manoeuvre unless they were well aware of the pitfalls.