This cable and others like it are more than capable of taking a Component connection and turning it into a VGA one. Both are somewhat similar analogue standards, but the main difference is that VGA requires separate signals for both horizontal and vertical sync whereas Component carries both of those and the monochrome information on the green RCA jack, plus it generally uses YPrPb colour space whereas VGA uses RGB colour space.
What this means is, you're going to have to have a device that supports sync-on-green, has the correct colour space and can handle the display modes. In my limited experience some projectors and many Sony CRT monitors with at least one VGA D-sub connector (not Sony LCD/plasma TVs with a VGA input sadly) have sync-on-green (SoG), but not all can support the 15khz PAL/NTSC modes that Component offers. People often buy these types of cable without knowing this and wonder why it doesn't work... the short answer is, without the correct sync information nothing can be displayed.
I bought this cable hoping to connect either my PS2 or Xbox 1 console to the VGA port on my HDTV. I use them both and have to keep changing the cables as my 1080p Samsung LCD TV only has one Component input as is the case with most LCD TVs these days. I had a feeling mine might do SoG so it was worth a few quid finding out. Unfortunately it doesn't, but my old 2002 Sony Trinitron CPD-E530 CRT has SoG (Sony have long been big supporters of the standard which I commend them for) and does allow for it on standard PC modes, but not PAL/NTSC ones.
Using a small tool called GS Mode Selector and changing the Component output to RGB I am able to get a good quality picture through that with all the VGA modes the PS2 supports (up to 1280x1024 @ 75hz which is excellent for a 10-year old PC, let alone a games console) with correct colour space etc. HDTV modes like 480p, 720p and 1080i will work but only 480p has correct colours presumably because it's similar to 640x480 @ 60hz.
Delivery time was about average for free "super saver" option, the cable is well made and has high-quality snug-fitting RCA jacks on the Component end so for £1.99 you're getting a good deal... IF you know your equipment can handle it. For me the cable works fine, just not on the device I bought it for but I already figured that might be the case before I received it. An understanding of AV equipment can save any potential headaches or disappointments, hence this review.