[quote name='Ryuukishi']Yes, in terms of "picture quality" for component cables there are two possibilities: "works" or "does not work."[/quote]
That logic only works with HDMI, since it's all digital. Component and composite cables can and certainly do have differences in quality. One notable one (sorry previous poster offering your Monster set) is another issue re: the build of the connectors. I've heard people in the past complain that the Monster Brand PS2 component cables are too tight for their TV inputs, and have been so extreme to the point of technically causing damage to the inputs when trying to remove them.
anyone doubting this simply needs to read the customer reviews on the monoprice brand component cables. There's multiple instances of quality comparisons in there, but nothing major.