Yes, that is correct, however when you get the component cable it will come with all the wires you need, 3 for video and 2 for audio.
I prefer Monster Cables myself. I know they are really overpriced but after replacing a cheap cable (component cable that the cable company supplied me with the HD receiver) with a Monster Cable I could actually see an improvement in the picture quality.
Okay, I think I'm going to revive this thread :D
At my local Zellers I found some component cables by Phillips for CDN$11. They're not gold plated. I looked in Futureshop and found these gold plated ones ( http://www.futureshop.ca/catalog/pro...0061048&catid= ) for CDN$22. Which one is a better deal?