Thanks for the feedback.
I was looking around on the net today and learned somethings that I was previously unaware of.
I thought that Video Cards that output to Component were a thing of the past and regulated only to TV-Tuner type cards. However I found out that even the newest Video Cards, like the new Radeon HD 3870 supports DVI-I. DVI comes in 3 flavors DVI-D (Digital Video), DVI-A (Hi-res Analog Video), and DVI-I (DVI-D + DVI-A). The DVI-A and DVI-I connections can use DVI-to-Component adapter cables.
But even better is that Radeon HD 3870 comes with something called a VIVO port and accompanying cable that has actual Component output cables. Pretty cool.
This card comes with two dual link DVI-I ports and one VIVO port.
My current PC comes with DVI-D & VGA output via my integrated graphics on my motherboard. I was hoping to use one of my existing connections but I guess that isn't a good possibility.
It makes more sense to install an upgraded video card for $180 and get HD processing and all the bells & whistles than to spend $145 to buy a converter.
Just wanted to post this up to help anyone else out in my situation!