I think the simpler the better…
Human skin is very difficult to achieve so if you don’t have the right tools such as a very good SSS shader plugin (like the one they used on the gollum in LOTR) and if you don’t use radiosity to light it… I’m sure your character/skin won’t look very realistic.
I’m also pretty sure that those gradients on luminosity, color, translucency,… to fake the sss effect don’t work at all.
I personally think that if you go for realism, you first need a good character model… if your model doesn’t look right people will easily notice something wrong whatever lighting textures you have, then I’d really recommend to use an HDRI/Enviro mapping with radiosity to light this character cause that’s the closest way to reality… usually the skin colors/variations come from the environment… that’s what you’ll get when using that kind of lighting.
Another thing is that when you use radiosity with more than on bounce… you can use extra color cards to give some mood to your Lighting and make it more accurate for compositing with your background layers.
However in some cases, that won’t be enough and you’ll need to add some others lights such as Key, Fill, Rim… I usually use spotlights for these extra lights.
Now for those who are using LightWave and G2… I did quite some tests with G2 and I’d really like someone to show me a very realistic skin shading accomplished with it.
Besides if you use G2 with SSS and its skin shader, area lights… renderings are slower than radiosity.
Even with 150 % shadow quality and 100 % shading quality, the result is still grainy!
Here’re some examples of tests I did… I don’t know about you but I think the those with radiosity look better than with area lights and SSS.
I’m not finished yet with the character model/textures btw!
That’s only my opinion of course 
Sorry for my bad english but I’m from Belgium.