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Your display is not what really makes the difference here, it is the cable box. And yes, your display should be able to recieve both HD and SD material from the HD Cable Box over the same Component Connection. I am not sure how it works with DVI/HDMI though.
But I am hooking up friends right and left for HD these days and all modern HD Cable boxes seem to work basically the same way. Most of them, I have had to tell to output SD in 480p though through the setup menus.
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