Let me start off by saying this thing DOES work as advertised, you have to read the instructions, I'll explain more later. I used to have an xbox 360, just sold it last week to pick up a ps3 because most of my friends have ps3's. Microsoft has an official HD to VGA cable that you can buy anywhere xbox accessories are sold. I used it and it worked great, not quite perfect HD quality (it was slightly washed out) but for a VGA connection, very very good.
Sony is not off to a good start in my book by not offering this like Microsoft does, but then again, Sony SELLS TV's and Microsoft doesn't. So it's in their best interest to have you BUY a NEW TV to get the full HD Gaming experience. I have an HD TV, but I also have little little kids, which means everything is sticky in my house, all the time, so for the PS3, in the office it goes away from the 2 year old and his peanut butter jelly hands.
Before you buy this cable make sure that you can take whatever monitor you plan to connect it too and put it right next to a tv with RCA jacks (yellow, red, white) I mean RIGHT next to it. You have about 12 inches of cord where it splits to VGA and RCA and in order to set this up the cord has to be plugged into BOTH the TV & the Monitor AT THE SAME TIME. (did not have to do this with the xbox version, it just worked out of the box).
FOLLOW THE DIRECTIONS, sounds stupid I know, but the instructions on the package will explain how to set up the wii/ps3.
Once it is configured it will allow you to play your wii/ps3 on a computer monitor. I did it with a PS3 and while it works, I'm not impressed at all. It's far from HD quality, and down right terrible compared to the one that I used with my xbox, but it works. I'm planning on upgrading one of my monitors by the end of the year (3 months or so) so this will be a short solution to be able to play until then. I plan on buying a monitor with HDMI so I can run the PS3 normally. I'd say the quality you get out of this cable is no better than if you hooked the ps3 up to a standard def TV. SO unless you absolutely NEED to use a monitor instead of a TV, this will get the job done. Just don't expect too much.
As far as all the other reviews of problems, you have to pay attention to what type of monitor you have and how it works. if your monitor is set to 1280 x 1024 then the most you can get out of it is 720p. So if you set the ps3 to 1080p it's not going to work, and it isn't the cable's fault, it's the monitor. this is why the box tells you too hook it up to both screens at the same time so you can check and test different resolutions.
the only problem I have is that the screen does go black for about 1 second every 5 or 6 minutes. Not a huge pain, but mildly annoying. again I can live with it until I get a new monitor but as a long term solution this doesn't cut it.