I'm not sure that you could "enhance" the PS2 AV port
The original one was designed for the PS1... VGA was a distant distant thought at that point.
Basically Component video requires 3 signals Y Pb and PR...
VGA requires 5 signals Red, Green, Blue, H-sync, and V-sync.
They don't have enough pins on the AV port for all 5 so they combine the two sync signals into a C-Sync (composite sync) then combine that with the Green line.
This condenses the 5 VGA signals down into 3 pins that they can output through what is normally used for component video.
it's not a real VGA signal and a very small fraction of monitors support this format
If they want real VGA support they would have to either
A. - redesign the connector to add more pins, which we know they haven't done or
B. - make a proprietary VGA converter with added circuitry to re-crease the separate H and V syncs - this is possible but it might be ugly, the AV port has 5V available but it might not be enough to run the circuit, in which case you'd need an external power adapter just to run VGA converter. At that point you'd probably be better off just buying a composite to VGA transcoder... it'd probably be cheaper too.
My guess is they'll just use the same crappy VGA cable that they had for the PS2 and let the poor uneducated saps find out what the depth of support is after the fact.