The Pics:
Assassin's Creed
Component
VGA
Devil May Cry 4
Component
VGA
NBA 2k9
Component
VGA
My Thoughts:
Component
The image is Bright. You can see some flickers and lots of jaggies but it produced more brightness and more vivid color.
VGA
The image is sharp, more detailed and no jaggies. Its like I'm playing w/ anti-aliasing on. The color is less vivid but the overall image quality is better for me.
Most games looks better on VGA, I have games like CoD4: WoW, CoD4: MW, Fable 2, Farcry 2, etc. (Im too lazy to upload the comparison pics). The only game that looked better on component is NBA 2K9, the color is way better than in VGA. It looks livelier, its like your watching a real NBA game. You cant see the difference on the pics Ive provide, you must play the game yourself to see the big difference. Other than NBA 2K9, I haven't seen another game that looks better on component than on VGA.
Conclusion
Its really hard to tell which is the better cable to use. We all have different preferences. Component has better colors but produces more jaggies and flickers, it also strains my eyes after hours of gaming. VGA has sharper and more detailed image but the color is better on component. For me I'll pick VGA.