PS3 doesn't get mentioned a lot when dealing with component cables, probably because there doesn't seem to be an official component cable for the PS3, but third party ones are everywhere and this box allows you to convert them to a HDMI signal.
Of course the PS3 already has HDMI but I use a capture card to display my consoles on my PC which also gives me the ability to record gameplay. My 360 works fine via HDMI for the dashboard and in games but it gives a logo if you try to watch a copyrighted video due to the content protection. Which is understandable because otherwise people could record HD movies directly with pixel-perfect quality.
But the PS3 is awkward and instead of only putting on HDCP encryption during movies, it has it on all the time, even just for the console's menu. What's worse is that there isn't even a logo like the 360, there's simply no signal which makes it hard to determine if it's the cable or console itself.
So anyway I got a component cable and this box, a little worried by the fact that on the description it says "HDCP compliant" which made me assume that it encrypts the signal, but actually it doesn't and so was just thrown on there for some reason.
I've had problems with the sound buzzing and sometimes the signal dropping but I have more reasons to suspect the cheap component cable I'm using, which if so then there's nothing that I can fault on this product.