Component to HDMI Converter?

I’m currently using a capture setup for my 360/PS3 that requires a component input and output. I recently got a new computer monitor with an HDMI (and DVI) input that I’d like to use with this setup. I’ve found items like this, but am skeptical of whether or not they’ll add lag:

Does anyone have experience with this sort of equipment? Is there anything you can recommend? Is it possible to find a lagless component to HDMI converter in the < $200 price range?

component to vga sounds like a better and cheaper bet for you. Component is already analog so you might as well stay analog. analog to digital can get messy (lag) and expensive.

I’m assuming that your 360 doesn’t have a HDMI port, because those are standard on PS3.

I wouldn’t suggest sinking too much money into a converter. Hook up the PS3 HDMI and get one of these . For the 360. I used one for my PS3 for a year until I saved up enough for my HDTV. It works well enough.

If your 360 doesn’t have HDMI then it’s probably an earlier model and thus almost guaranteed to Red Ring of death on you at some point. So I wouldn’t suggest getting a $200 converter

My 360 and PS3 both have HDMI ports. The issue is that my video capture box only has a component in/out. So I need a way to convert that component signal into either HDMI, DVI, or VGA.

I know almost nothing about VGA. If I use a component to VGA adapter like this one (or the one mentioned above), will it still provide me with a 1080p signal, and will it be lag-free?

If not, is there something else you can recommend?