My question is whether it would be worth it to invest in component video cables. I have a Sony 5-disc progressive scan DVD player and a Sony Home Theater system. Both have component video hook ups, however my TV does not. It only has s-video and RCA.
If your TV does not have component video inputs, why would you invest in component video cables?
If you are limited to s-video, get an s-video cable and connect the DVD output directly to your TV input. Nothing else you can do aside from getting a new TV.