I got an Elite yesterday. I spent a few hours tonight trying to compare Component vs. HDMI on the Elite. My TV does not do 1080p, so I tested 720p and 1080i.
The HDMI was definitely a little sharper picture than the component. However, HDMI's colors were not as bright and as fluid as component at 720p. At 1080i, the colors were about the same. However, at 1080i HDMI, I was getting some weird feedback, such as lines in the picture. With the component cable, this was not happening.
I use HDMI for 1080i Cable broadcasts, and the picture is superb. I'm not sure why the lines in the picture with 1080i HDMI. Maybe I have a bad Xbox.
Since I prefer to run games at 720p, I think I like the components colors better here. Or maybe I just need to re-adjust my TV when I'm using HDMI, but the more I think about it, the more I just wish I had kept my Premium instead :)
Well I can still return my Elite if it comes to that...
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