If the DVD/VCR player is still plugging into a composite port on the back of your TV, no
If the TV has component inputs on it, the picture will look better, but not all that much better, as you're still looking at the image in 480
Essentially, here is the difference between component and composite video
Composite Video: All video information is carried on one cord, therefore it has to be compressed down so that it can transmit the image
Component Video: The video information is split into red, blue and green channels, which allows for three times the bandwidth...and therefore the video doesn't need to be compressed as much.
But, the thing is that you won't see the full benefit of using component cables if you're on an SDTV. Yes, you'll get some added sharpness and colors will probably look a little better, but it really boils down to using the SDTV
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