2408WFP and Playstation 2(Component Connection)

I noticed that the 2408WFP has a component connection, which means that you should be able to connect it to a video game console such as the Playstation 2. The many input choices of this monitor are one of its main selling points for me, because having so many input types would allow the use of the 2408WFP as both a PC monitor and as a multi-media/entertainment television.

Has anyone here who has the 2408WFP tried connecting a Playstation 2 to this monitor with component cables? And if you have, what were the results like? Was the image as good as or better than the image that you could obtain by connecting the Playstation 2 to a regular CRT television set with component cables? Were the games playable with the 2408WFP? Was there any input lag?

On a related note, does the 2408WFP have a video processor? If it does not have a video processor, then I would think that the 2408WFP would display a pretty lousy picture from any game console that you might connect to it. Am I correct in assuming this? Can the 2408WFP display satisfactory video from a video game console, even without a video processor?

If anyone could provide me with any advice on these issues, I would very much appreciate it. Thanks.