@Twesterm: Not really as long as your games doesn't support progressive scan (holding triangle + X button at the same time when the playstation 2 logo appear before starting a game) you won't get 480p but 480i only even with a component cable.
Here a list of progressive scan supported PS2 games:
http://en.wikipedia.org/wiki/List_of_Progressive_Scan_PS2_Games
As my collection of PS2 games mostly excists out of Japanese RPG games there's hardly a single game which supports progressive scan, only about 4 out of 60!
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