Hi, Yanomami: Composite video cables carry all 3 parts of the video signal that are needed for the color display. Component cables, however, have 3 cables that are bundled together, and each cable carries a separate signal. A good component cable will give you a MUCH better color picture than a composite cable.
The Monster M1000 cable that you bought is a Super-VHS cable, and it will give you a better picture than a composite cable, but NOT as good as component cable. If you want the best picture from your DVD player, you will need to buy a component video cable.
There are a number of companies that make component video cables, and any of the better quality brands should work fine. I am using a component video cable made by BetterCables to connect my DVD player to my TV. BetterCables builds a very good product, and their prices are reasonable. You can find out about their cables at this Web site address:
www.bettercables.com