Hi Pat and Eddie,
HDMI when it is the norm (and it will be) has 3 distinct advantages over component. 1: since it keeps the signal digital all the way to the display, (no A/D D/A conversions)and if your display or A/V processor probably has such an input and if your display is ISF calibrated (goes for all HD capable inputs) gives you a chance for a great picture.
2:You can have a much longer cable run if necessary without signal degradation the fact that it's digital all the way technically gives you the chance to get a better picture than component. Whether this is also true for normal 6' runs on calibrated inputs is a subject for another time.
3: Where it also has an opportunity to shine and cut down on you overall cost for cables is that unlike it's digital also cousin DVI (same thing applies to longer cable runs)it can also carry the audio portion of the signal.
As Pat pointed out there are a few (rather inexpensive players) that will actually make proper use of the Faroudja DCDI scaling chip and allow you to scale ANY dvd, copy protected or not to 1080i and 720p, (a review of the LG Canadian version of the Zenith 318 is available at the hdtv section of
www.keohi.com.) If you subscribe to the daily
www.ilovehdtv.com HDTV broadcast schedule the review of the Zenith 318 is available there. I wouuld suggest anyway taking out a trial subscription to check out the wealth of HD info available.
Personally I use the HOLO3D PCI computer card scaler which scales all 480i inputs from outboard equipment like vcrs cble/sat bxs and dvd players set to interlaced (480i) to any rez your display can handle. Immersive used to make the HOLO but has moved on to other things.
You may indeed have an excellent player and if you set is properly calibrated a progessive scan 480p picture is still excellent. If all you Faroudja processing can do is up rez a home made dvd of you New years eve party, its a shame.
Peter m.