I worked for a number of years in television production, well before the introduction of HDTV. Even back in the older days, many higher end decks used component video connections. The red, blue and green cables are no different and the y, Cr and Cb is just another way of saying red, blue and green (the primary colors of visual light). Y, Cr and Cb used to stand for (I believe) luminance, chrominance and tone (or color balance).
Using Component cables should provide a much better signal, resulting in a much better picture, than even s-video cables. Keep in mind though, if you are using component cables for an HDTV application, you are not keeping the picture information digital. Component imputs and outputs provide an analogue picture.