Originally Posted by MikeAlletto
Well the converters are up or down converting anything, they are just taking a component supplied feed and rerouting it to go out a vga output. Nothing is happing to the bits except, in theory, rewiring them. There might be some color correction here and there, but it takes nothing to do that.
It isn't bits, it's analog. And the converter does significantly change the signals. Component encodes color as one black-and-white luma channel with composite sync signals in between frames (all on the green cable), with two extra channels carrying the difference between luma and other colors (red and blue cables). This is the way information is decoded from DVDs; it takes some additional math to convert back into actual color images. VGA is just standard RGB with separate H and V sync (5 pairs of wires total, with extra, often unused, wires in the connector for monitor information, etc). So the signal into the converter and the signal out are totally different. The conversion is nearly instantaneous, though. Lag won't be an issue.