This is the component transcoder that I have. I've used it pretty consistently for about 3 years and have had zero problems. I pass my SNES, GEN, PS1 and TG-16 through it and the image quality for all on my CRT has been excellent. I don't know that I would recommend anything cheaper than that. These kinds of electronic products are very much in the "you get what you pay for" type of bracket.
http://www.ebay.com/itm/NEW-SCART-RGB-to-YUV-Component-Video...
When you first get it, you'll want to take the top cover off and use a small screwdriver to adjust the color-intensities to your liking. Check out the tutorial below on which resistors control which hues.