The problem with mine is that like Dougpr said, force feeding my monitor (acer 19inch 1280x1084) 720p doesn't work. It becomes too far adjusted to one side of the screen and the horizontal shift doesn't work at all. It works fine with 480p both widescreen and normal but it looks like I'm looking at a normal TV, not high def at all for what the monitor can display. I'd really like to have it look better so I'm going to try the XBox360 VGA cable and let you know. I think if you were to have a widescreen monitor, say 1390?x900 at max res. or something along those lines 720p would display fine. On a normal monitor with 4:3 aspect ratio it tries to force widescreen and just doesn't show up right. I'm no expert on all of this but from what I read I think this is whats going on.
On another note when it arrived the clear plastic on the top next to the second component in was broken and actually stuck inside the thing. Neoya sucks...