I'm using SCART to Component on a CRT now, but I may invest in one of these direct component cables when they become available in order to reduce my clutter a bit, as well as being able to quickly connect my Genesis' from one TV to another.
Can't beat component for picture quality - the games look amazing in their native 240p. Although, like Polygon said above, I had to adjust the color pots inside the converter. My red still seems over saturated, but I can't seem to fix it.