It does indeed appear to be a component video cable, but keep in mind that the same cable will fit the SNES and N64 (not that it'll do anything when hooked to either of those as well).
I'm very curious as to what that thing will do, if anything. Looks to me like ol' MC pulled their typical clueless "we made an super awesome, expensive cable" trick, but this time without doing ANY research. The SNES, N64, and 'Cube aren't capable of putting component signal out of that port, so who knows what their thinking was there.
What's really odd is that I cannot find that particular cable ANYWHERE. Still looking, but it seems like it's a ghost. Any chance of a pic of the entire thing including a good shot of the connector?