From Wikipedia:
"The term VGA is often used to refer to a resolution of 640×480, regardless of the hardware that produces the picture. It may also refer to the 15-pin D-subminiature VGA connector which is still widely used to carry analog video signals of all resolutions."
In terms of the signal carried over the HD-15 connector:
"'VGA connectors' and their associated cabling are almost always used solely to carry analog component RGBHV (red - green - blue - horizontal sync - vertical sync) video signals along with DDC2 digital clock and data."
While there are different standards of synchronization for the RGB signal, none of the signals are actually different; they are still basic red, green, and blue signals which inform the picture elements which colors to reproduce (all colors of which can be recreated via mixtures of red, green, and blue.)
"An alternative type of componentization does not use R,G,B components but rather a colorless component, termed luminance combined with one or more color-carrying components, termed chrominance, that give only color information. Multiple chrominance channels allow for more precision and speed in mapping the RGB colour space. This componentization scheme is a transformation (in some cases linear, in others not) of the sRGB color space."
Also, if you read this
http://en.wikipedia.org/wiki/YCbCr you will see that for our case of the 360, which uses YPbPr, the analogue equivalent of YCbCr, that that particular component standard is a linear transformation of the RGB color space via two defined constants, Kb and Kr. Sans some of the "idiosyncracies" of the RGB encoding (due to scaling and rounding), the two formats are essentially the same and the original RGB signal can be extracted from a component signal via a true converter (such as this:
http://www.smarthome.com/777062a.html) which will perform the necessary inverse math on the component signal.