Yes that's the one. There is absolutely no loss in picture quality when using it. I was worried about this before I bought it but thankfully it's excellent.
I use a component lead which is has Red, Green and Blue labelled on them rather than yellow for composite and red/white for audio. I'm assured by retailers that regular composite leads like the one you're talking about will do exactly the same job but I managed to find this one which was being sold specifically for component. It's made by Techlink and cost me £15 down Tottenham Court Rd. It looks exactly the same as another by Profigold which has Yellow, Red and White which shows that mine has just had the colours switched to make us think it's 'special'.
http://www.techlink.uk.com/prodframe/prodframe.html check this out and look at page 3 of 5. That's my lead but with R, G, B instead of the colours shown, but the same lead.
Not sure if you can get my lead on the net but I'm very happy with it. The true test for component over RGB (scart) for me is when using with PS2. The difference is remarkable. Pictures are pin sharp on my 50wh18b.
Good luck!