Getting technical: Component isn't NTSC, only composite, RF, and S-video are (not positive on S-video though). Call it 'American TV' if you need to put a name to it.
Component is just one step down in quality from pure RGB.
It should yield a nice image at 480i, if that's all the TV can do. Most newer HDTV sets have RGB input, which you can hook up directly to the ArcadeVGA, or a regular VGA card (with some limits on resolution/refresh rate, depending on your TV).

Myself, I'm still waiting for the prices to come down, and getting by with my 25" TV that only has A/V inputs.