Its horrible compared to RGB, it's a LOT better than RF cable.
The problem is you're doing two conversions. RGB to Composite (on your computer's video card), and then Composite back to RGB inside the TV. Both have loss of signal quality.
To borrow from Oscar's comparisons, here is Composite:

Here is Svideo:

Here is ArcadeMonitor:

I think those 3 pictures say it all. Composite adds artifacts in the image due to typical "dot crawl". Notice the light green patches in the grass that are only on the Composite. . Also notice black is never really black. Also notice the "fake" colors mixed in when colors are switching fast, like between the black road and the sand... theres tons of colors there that arn't supposed to be.
Svideo removes the visible dots in the black area but still isn't clear. Also the fake colors are removed a bit better though there are still somethere. Though you can finally start seeing the red dots in the sand by the car that are almost invisible in the composite. The arcade monitor gives you the best look by far though.
Also notice that you can't even see the black "dirt" in the grass except on the Arcade monitor. That's a lot of detail missing in Composite/Svideo
To see all the comparisons and much larger images, click on Oscar's web page:
http://www.oscarcontrols.com/monitors.shtml