Yup, AFAIK, there is no difference between 3-pronged regular RCA cables and component cables, except the color-coding (red white yellow vs. red green blue). The latter is not optimized for video.

I lurk around a lot over at pinoydvd.com (I've been a member since 2004, pero less than 50 posts pa lang ako hehehe), and I've never heard of any manufacturer claiming that component cables are optimized for video. There's basically nothing you can do for component cables that you cannot do for composite.