Likely the answer is yes, since you can use a monitor on PS2 already. To use a monitor on PS2 need an RGB converter box and RGB cable. The results vary but it looks no worse in most instanced...although I wouldn't say it is much better then Component output...maybe a bit grainier in fact.
"If you want a picture of the future, imagine a boot stomping on a human face" - George Orwell
"A word and a blow -- And the blow first!" - Scottish Reiver Saying