That's not "old and dingy" yellow wire, it's that kind of wire that's clear/colored, with meshed metal wire shielding on the inside. If you saw it in person, you'd probably think it's cooler than regular black rubber wiring.
So how do they handle the fact that most games need analog joys?
By the way, remember folks that you have to factor in the cost of a COMPONENT cable for each console, if you don't already have one.