Get one of those for the exact same result:
http://www.amazon.com/dp/B004XSSDPO/?tag=neogaf0e-20
Bonus points for using Scart RGB all the way up, until a single Component conversion.
Sure, but this presents a far simpler and cheaper solution for those in North America without using SCART cables, an extra power outlet, etc. That is definitely a good deal right now though for that converter.