HDMI vs Component for 360

I appreciate this might come under the umbrella of many other forums suhc as technical discussion as well as this , but I am posting in here, mods please remove if neccessary.

Well I listen to my sound through my CD player (using white+red) leads of component and then I use the visual part with my 32 Inch Samsung HD TV.

I was wondering whether getting a HDMI cable is good enough compared to the component to justify the cost, and also could I use my cd player as sound output somehow?

Thanks.

HDMI is better

Here's what you do

HDMI from XBOX to TV

Cables from TV audio OUT to whatever audio you're using IN