I got mine today. For sound I connected the RCA cables to a stereo (? I think that's what it's called. It's whatever type of cables you can plug into most sound cards black/green/blue, etc) converter and plugged it into my LCD, which has speakers. The sound quality isn't good, but I don't really care because I'll mostly be using it for LAN parties.
It's true what I've read; when using VGA everything is sharper then component, but the colors are dull compaired to component.