Component is not necessarily better than s-video and s-video is not necessarily better than composite. Though the general wisdom is true of the delivery method itself, in practice what's on either end of that cable matters a lot.
For example, let's say you have a badass tv and an old laserdisc player. The TV will have a good 3d chrome filter that is likely only active via the composite input. And since LD is stored in composite anyway (and split only for s-video transmission), it could be better.
On the other hand, let's say you have a TV or projector that does deinterlacing and you also happen to own one of the cheaper progressive scan DVD players. Using the component cables in this case would allow you to use the deinterlacer in the DVD player, but if the deinterlacer of your TV is superior, you're cheating yourself.
As with everything, you have to look at the whole picture.
Most people agree, btw, that video cable (composite and component) should be 75ohm. Some people claim this to be true of digital coax cable as well, but there are a lot of people who claim this isn't true. *shrug*