It has a molded bezel around the air vent on the top and bottom and sitting it on the table w/out the stand would cover the hole and also cause the speaker to lean either pointing up or down.
In the future, component video may not support some digitally protected content via HDCP so this is something to consider for the future. A switch would provide you convenience and the best video quality your components are capable of.
I agree with building a box and covering with cloth or carpet to raise the TV credenza.