[quote name='jjz203']The VGA if you have an hdtv that takes vga would be a HELL YES. It makes everything (movies and games) look SO ridiculously good on hdtv. And besides, vga is the only way you could possibly get 1080p on hdtv without hdmi. I wouldn't bother with the components anymore... unless you got a core system and it didn't come with the components. Still, go for the vga.[/QUOTE]
Seconding this -- the VGA cable is awesome. I use it and I prefer it over the component cable. The colors weren't as saturated at first -- looked a little washed out -- but the picture itself seemed sharper, and after I adjusted my TV a bit the colors look fine.
To clarify what was said above: I'm pretty sure games will still output at 1080p over component, but you won't get DVDs and HD-DVDs to upscale/display at 1080p, only at 480i/1080i.
Also, FWIW GameStop is selling its house brand of multi-console component cables for $15 new, and I found them pretty good -- I use it for my Wii and PS2.