Apart from the median-of-medians algorithm, is there any other way to do k-selection in worst-case O(n) time? Does implementing median-of-medians make sense; I mean, is the performance advantage good enough for practical purposes ?
There is another algorithm for computing kth order statistics based on the soft heap data structure, which is a variant on a standard priority queue that is allowed to "corrupt" some number of the priorities it stores. The algorithm is described in more detail on the Wikipedia article, but the basic idea is to use the soft heap to efficiently (O(n) time) pick a pivot for the partition function that has a guarantee of a good split. In a sense, this is simply a modified version of the median-of-medians algorithm that uses an (arguably) more straightforward approach to choosing the pivot element.
Soft heaps are not particularly intuitive, but there is a pretty good description of them available in this paper ("A simpler implementation and analysis of Chazelle's soft heaps"), which includes a formal description and analysis if the data structure.
However, if you want a really fast, worst-case O(n) algorithm, consider looking into introselect. This algorithm is actually quite brilliant. It starts off by using the quickselect algorithm, which picks a pivot unintelligently and uses it to partition the data. This is extremely fast in practice, but has bad worst-case behavior. Introselect fixes this by keeping track of an internal counter that tracks its progress. If the algorithm ever looks like it's about to degrade to O(n2) time, it switches algorithms and uses something like median-of-medians to ensure the worst-case guarantee. Specifically, it watches how much of the array is discarded at each step, and if some constant number of steps occur before half the input is discarded, the algorithm switches to the median-of-medians algorithm to ensure that the next pivot is good before then restarting using quickselect. This guarantees worst-case O(n) time.
The advantage of this algorithm is that it's extremely fast on most inputs (since quickselect is very fast), but has great worst-case behavior. A description of this algorithm, along with the related sorting algorithm introsort, can be found in this paper ("Introspective Sorting and Selection Algorithms").
Hope this helps!