RGB SCART (or EuroAV) is what I've always used. Not so common outside of Europe. The only problem I've had with it is when buying a Japanese Gamecube where I ended up having to buy a custom SCART cable - it uses both Analog and Digital AV Out connectors at the back (only PAL models came with a dedicated SCART connector). Expensive but worth every penny.

Not sure how it compares to component.