Many people have said that D&D (and the various retroclones) are based on Swords & Sorcery. I call BS. Yes, it has some influences (such as giant snakes, giant frogs, and other crazy weirdness), but the general format of the game just doesn't work.
In swords & sorcery, almost every single story features one or two characters taking on their enemies, which usually involved some kind of insane mage or monster-god. Said character would have a tough time of it, but generally ended up stomping the bad guy and stealing the wench.
One thing that didn't happen in the genre was groups of people wandering around, fighting monsters. D&D assumes you will have at least four players, and generally one fighter, one thief, one mage, and one cleric. The cleric alone just doesn't work when it comes to S&S. "Good" mages were also extremely rare (Elric and the Gray Mouser are pretty much the only ones I know off the top of my head). Almost everyone else was a fighter or thief.
Having more than two, or maybe three, characters in the group is also pretty much unheard of, barring stories about some kind of battle the hero happens to be participating in. Until a retroclone actually addresses this in a decent way, the S&S vibe will be mere window dressing, at best.