The difference between composite and component is very noticeable. (Yes...upgrade to component!)
The difference between various component cables or brands of component cables is not as noticeable.(Buy MS or MadCatz - whatever you want...it's your money.)
It's common sense, here. Use the best form of connectivity that your TV/Monitor allows for all of your devices (DVD Player, Cable Box, Satellite Receiver, game consoles etc.). In your situation, it's clearly component all the way.
<grumpy old man post>
Back in my day, the 27" Sony Trinitron I owned used to have an S-Video input (great signal 12-15 years ago). I had to order expensive custom S-Video cables for all of my older systems. Redmond Cable took a lot of my money back then.