I only used the component cables for a few days while I was waiting to get a cheap HDMI cable. I wanted to use HDMI because my TV only has one set of component inputs, which the Wii had already claimed for itself.
Since you seem to have a Wii too, I hope your TV has HDMI so that you can keep both consoles connected at the same time. If that's the case, the only disadvantage of the Arcade that I see for you is the lack of backwards compatibility.
My Mario Kart Wii friend code: 2707-1866-0957