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But with component you will be limited to 1080i for Blu-ray and upscaling will not be allowed for copyrighted DVDs. So weigh your options.
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Also, studios do have the capability to flag their BDs to be downrezed to standard definintion over any connection other than HDMI. I don't think it's ever been used, so it's not a real cause for concern at this time. But I'd thought I'd mention it anyway.