I have the NTSC version (not sure if it will make a difference), running perfectly fine on 480p in HDTV mode with a cheap 3rd party component cable.
The component wouldn't work at first and I thought I got swindled by the shop for a second.... then I noticed the cable was not inserted deep enough on the Wii.
Then I furiously played through half of Mario Galaxy until I noticed I was running the 480i mode because I forgot to switch it in the options. 480p made a lot of differene in that everything looks much more vivid.
Some things still look a bit blurry because it's not HDMI, but hey I suppose that acts as some kind of anti-aliasing.
Now for some reason the Neo Geo VC refuses to run with 480p... so it has some weird interlacing issues sometimes.
[download a life]