I went from a rather shoddy composite (yellow only) cable to component for my PS2 to 42" 1080p TV, and the difference was absolutely astounding. I highly recommend making the leap.
The cable I got was from Monoprice as well. It was backordered, and the first estimated arrival time got pushed back, sadly, but I stuck it out and it got to me in like 2 days.
I've used Monoprice for a lot of things. Any of their cables (i.e. not third party) are a fantastic value, but not every item you purchase there will be great. If it's clearly a third-party item then take the quality with the same grain of salt you would anywhere else, but Monoprice will still have a better deal.
Again, anything involving digital or analog signal cables... I can't recommend Monoprice enough. They even significantly reduced their shipping costs for smaller orders recently.