Well, its about twice the price, and I was hoping to get that bundle, which also came with the DVD remote (something I have never owned even though I have been an XBOX owner since Day 1).
Have any of you guys had experience going from S-Video to Component on a regular TV? Mine is a good, solid 32in Panasonic, and XBOX games look fine at S-Video, but I have always wondered if they look much better on Component.
Unless you need a DVD player on that box, the remote is weak. (I wouldn't bother). It's basically an RCA universal remote without the power and eject buttons.
As to using Component on a standard (non-HD) TV? The difference from composite-Svideo is about the same as Svideo-Component ... component separates out the three color signals, producing a sharper picture than Svideo. If you're looking at getting an HD set anytime soon, I'd suggest getting the component cable. If you're strapped for cash and the games look great, then I wouldn't bother.
The MS one is better than this cable as it has the digital optical plug; if you wanted the best picture quality check out Monsters HD kit (and separate audio cable for optical output).
Either way is more pricy than this option; I think you're best bet is the MS one.