Oh, this just kills me...
For years, companies like Faroudja have been processing and upconverting composite and S-Video signals. A good doubler, or more often these days, a pixel for pixel scan converter, will match the original composite source to the native resolution of the projector right at the source location. You then connect the source to the projector directly using a RGB cable (DB15). If it is a good processor, then your picture quality will be far superior to just hooking it up with a composite cable.
If some don't want to believe that to be true, then they should check Faroudja's website and do some more reseach on it. Line-Doublers have been a part of the video industry for many years.
Of course, any fixed pixel projector (LCD/DLP, etc) has a built in scaler to make the 480i, 480p, 720p, or 1080i fit correctly on the native output of the screen. This does not mean that the projector has a high quality internal scaler to do this process, it just means that it does it, whether you want it to or not.
Very few projectors on the market allow for true pixel for pixel pass thru on any input. That is, if you have a 1280x720 projector, and send it a 1024x768 image, it will shrink it to fit 720 pixels high instead of cropping a little off the top and bottom of the image. This may be available on a few more projectors this year, but was hard to come by on any that I have seen.
Simply using a converter to put 480i onto a component cable though will do nothing at all for the video quality. It will just waste your cash unless you are doing some serious processing when you are doing the conversion.