I have an RGB to Component converter, cost me about $80AUD. very good when using it on a good TV. My Panasonic 68cm had the same quality as an arcade monitor when using the converter box (I tried to find faults but just cauldn't).
I now have a 42" plasma but it cannot display Interlaced signals through component below 600x400. My only option now is an upscaler box.
Atm though s-video is ok.
Anyway, if you have a good CRT TV with component, that is dedicated for consoles (ie, old consoles, not the HDTV requiring ones of today) I highly recommend getting the converter box.