You will only get 480p if your TV supports it, even if your TV has a component slot it does not mean your tv supports 480p. However if your TV does not support 480p yet it still has the component slot then you are still better off getting the component cables.
The $60 component cable they have is from MadCatz. Nintendo will have their own component cables on launch day, and for much less, don't expect to pay for it more than $30.