The final step is to implement your new component.  Open source view of the main application and replace labelField="label" with itemRenderer="ListItem" (ListItem is the name of my component I created, if you named your something different, it should be changed to match the name of your component).
From:

<mx:List id="myList" dataProvider="{myArray}" labelField="label"  width="200" left="10" top="10"/>

To:
<mx:List id="myList" dataProvider="{myArray}" itemRenderer="ListItem"  width="200" left="10" top="10"/>


That's it!  Run your application and your list items will now be your new component!

The beauty of the ItemRenderer is it can be used in ALL list based components - List, TileList, ComboBox, etc.  Using the ItemRenderer, you can change a ComboBox component to include more than just text as a choice - it can be an image!  Great for a product catalog or anything else you could image!