I like the RTC approach simply because it's less hassle. If you don't want to drop $15, you can get the DS1307 in a DIP package for $4 from Digikey (of course, then you still need the battery, the crystal, etc). You don't even have to convert the values from the RTC -- they are BCD just like the 74141 expects, but you do have to mask off the AM/PM bits, clock enable, etc.
My project is going to use four large LED-based 7 segment displays, but the clock functionality is kind of a side thing.
I like the RTC approach as well since it is only $15 and it would then mean I have a very accurate clock that I can move and not worry about resetting the time. Plus it will save me room for other logic (I might interface temperature and any other sensors I can find to generate information to display).
Plus this will most likely sit on my desk at work and I might put it away when I leave the office. So plugging it in each morning and have it automatically set the time will be great.
Thanks for the code as well up top! That will definitely come in handy.