Just incase anyone’s wondering: HDMI is noticeably better quality than component even though they are both HD. I had figured since VGA isn’t noticeably better than DVI, the same would apply to HDMI and component, but this just isn’t the case.
All this came about because my monitor only has one HDMI input which is normally used by my computer, but I wanted to hook up my PS3 as well. So I bought a cheap HDMI switch off Newegg, but my monitor would drop the signal from time to time (I’m guessing loose cable connections on the back of the switch) and that’s just not something that you want in the middle of a video game. So, I decided to use the component inputs on my monitor for my PS3. I got the new cables for my PS3 the other day and finally hooked them up and I can indeed tell the difference. Sure, it’s technically 1080p still, but the fine detail just isn’t there. The screen is also noticeably darker. I guess I’ll go back to my switch or just manually switch out my cables (ugh).
So yeah, incase anyone’s wondering whether to hook something up to their HDTV with either HDMI or component cables, without a doubt use HDMI. Don’t learn the hard way like I did.