It will make the picture better, not hudge differance but better for sure... Just make sure you use quality cables. Using cheep component to replace good composite isn't going to help much.
To give you an idea the differance it would be equivalent as a DVD player going from composite "RCA yellow video, red,white sound" to component with "RCA red,green,blue for video and then the red and white for sound"...
Anytime you increase the signal seperation for the video the cleaner crisper the screen image will be ... It's not going to magically turn your TV into HD but it will be the best picture possibal on a SDTV and an EDTV..
easy to read scale.. for video quality based on cables
There are acctually loads more styles of Audio and Video cables, and mostly its going to depend on your t.v. and the encoding devices connected to it... But for best picture and sound the norm would be to use the highest quality that the input source permits... that would be your T.V./Surround Sound, for most home users
Being the A/V geek in highschool does acctually help out in life later on..lol, I just used it to skip classes who knew...