Do some research folks. HDMI is no better in quality than component or even coax, and it certainly is no better than SVGA. There is plenty of data out on the internet that suggests component is actually better on shorter runs than HDMI. Whether or not 1080p is supported over component is a restriction placed by television manufactures and not the technology. My friend has an HDTV that does 1080p over component all day long and it looks great.
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The ONLY think that HDMI does over component is allow high resolution playback of HD DVD and Blu Ray *IF* the manufactures of the discs and players decide to implement the feature. The reason for this being that digital rights management can be encoded into the signal over HDMI. So... they want you to go to HDMI so they can implement DRM. They can "force" you to do it by saying that you will otherwise not get the highest resolution picture. BUT, this ONLY applies to MOVIES and NOT GAMES, and it is a manufactured affect and not a limitation of using component cables.
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 Microsoft has obviously made HDMI available so that copyright holders who publish HD DVD's can implement the above feature and have it work on the 360, thus making suckers of us all.
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If you aren't planning on watching HD DVDs on your 360, there is no reason to get HDMI unless your TV doesn't support 1080p over component.Â
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