Need opinion on cheap HD coversion method

I don't have the money to buy a HDTV with HDMI inputs, so I have been looking around and I found what looks like a decent, cheap alterantive.

It is a X2VGA 2 High Definition VGA Transcoder http://www.x2vga.com/, and it is a component to VGA converter. It only costs $60 and will allow me to play my PS3 on my computer monitor.

I'll also need to get a component cable for a PS3 and I found a wide range in prices ($6-$60) And I was wondering if the price range (or quility of cable) really had that much to do with the quality of video output. Naturally I want to go with the cheapest found here: playstation component audio/video cables But I am willing to spend a little more if it will make that much of a difference.

My only other alternative is the VISIONFC4 (VISIONFC4 on ebay) which is an all around converter, but it is almost $200.

I was just wondering what you guys thought, ushually I would post something like this on a different forum that deals with HD stuff but I figured since it is for my ps3 and I need the component cables, that this would be the best place. Thanks for any replies.