A:AnswerYou can not get full color unless you use an adapter on the green and blue cables, to merge them into a single yellow. If you use the green cable in the yellow input on your TV, you can still get black and white.
A:AnswerI do not have a PS3 or 4, both you reference so I don't know which you actually have any way, but the purpose of this cable is to provide component in to a display. If the connection in the PSx is proper, then this would work.
A:AnswerThe yellow plug is represented by three plugs, which are Red, Green, and Blue. The green plug is the base source feed, and if plugged into an A/V yellow input, it will display the picture in black and white.