FYI 360 owners. (This is completely my opinion and observation.)
I swapped from Component to VGA for gaming (not video) testing, and I definitly noticed a difference in image quality. But, to my surprise -VGA looked worse. It wasnt as colorful or sharp. Infact, it was just muddier. I played with some of the settings to see if I could improve on the sharpness or color, and no matter what settings I used or didnt use -it never looked as good. I loaded up Gears of War and NFS: Carbon, swapped cables and in my opinion -component was much better.
Bummer. I was hopeing to free up a some component in ports so I could plug my PS2 via component in as well as my Wii.
Speaking of which, can anyone recommend a good quality and reasonably prices compoent switcher? I imagine there is a good one on New Egg or Monoprice, but when it comes to this stuff I havent a clue!