Connect Consoles To PC Monitor

Hello everyone,

I was looking for a way to connect some consoles to my computer monitor.
The monitor is an 22in Dell LED monitor. The resolution is: 1920 by 1080 (1080p)  
I have heard good things about this:
http://www.hdboxpro.com/eng/shop.htm

The website looks bad, but I have read that it is reliable.

Consoles I may try:
Wii using Component
Gamecube with Composite (Or Component if I can find the cables)
Xbox (Original)
PS2
Possibly some retro(ie SNES, Genesis, etc)

I have an Xbox 360 hooked up with HDMI.
I use the VGA port for my laptop.
I have 1 DVI port left. (I would buy an adapter)

Will this work with composite? Where would I plug in the cables?
Will retro consoles look bad like I've heard?  
I don't want to spend much more than the price of the HD Box. ($55)

Please give me some suggestions! Thanks for any help in advance!  

I'm not sure this is the right category, feel free to tell me or move it.