Here's an update gents: I tried the s-video out on the card and it works fine. Not as sharp as component of course, but the colors are there, so I'm thinking it's the dingle-dongle, which sucks. I bought it from newegg so I can probably return it, but I don't know why the ATI model wouldn't work. Anyone have success with other brands of dongle? I'm gonna go try it on another component out TV just for kicks. I made sure all the cables are tight and match up colorwise.
Further update: As I plug in the cables into the card this is what happens. Green first, comes up black/white, then add blue, blue comes up really blue, add red and nothing comes up so red doesn't do anything and green is in grayscale.