Ok, my experience was not life altering, but what I did notice was an improvement in colour. Clarity appeared about the same, but colour was abit better, hard to quantify, but maybe 5-10%.
Obviouslly my ps2 quality is a lot better in component vs composite. Everything is better.
I already had everything ready for component, so it was a toss up between spending $40 (Oz) on an ps2 svideo cable (already had a component cable) and running everything svideo or spending $50 and running eveything in component. So in my situation it was well worth it.
Anyone else with similar experiences?