It is my understanding that the recommended console cable for the Raspberry Pi is this one (the TTL cable). I currently have this cable. My question is weather I can use this cable to establish a console connection with the Raspberry Pi.
I'm assuming you want to plug the non-USB end into the Pi's UART (gpios 14/15, pins 8/10 on the Pi's expansion header).
All the Pi's gpios are 3V3. As long as you are using a 3V3 variant of the cable with USB on one end and wires on the other it should be fine.
You need to connect RX, TX, and ground for the serial link to work.