I'm having a bit of trouble getting it to work though.
I follow the instructions on the back, which is display settings, then choose the d component setting and set the resolution at 720p. Now after this I test the reception, this should now cause the PS3 to stop working on the tv and show up on the monitor.
Problem is, it doesn't.
Does anyone have any idea what's wrong with the set up?
I bought the same cable last week and also had a little trouble setting it up.
For some reason the cable doesn't appear to work well if you plug it directly into the monitor. Also don't use the VGA gender changer that was supplied with the cable. I just plug the PS3 VGA cable into the VGA cable that usually connects my PC to the monitor. It doesn't make much sense, but doing this made the cable work for me.
Crap, I'm getting old - by the time I'd written a reply that made sense, you'd already done one!
I'm assuming that you've only ticked the 720p box on the display settings. You need to change the display settings so that it supports the resolution below 720p - 576p if you're in a PAL region or 480p if you're NTSC.
This is because the PS3 won't upscale DVDs using component cables due to some annoying copyright or DRM-related issues. So when the PS3 plays a DVD, it displays it at a resolution that you've told the PS3 your monitor doesn't support. Therefore you get sound but no picture.
Blu-rays and Divx encoded films aren't affected by this issue so they should work fine.