1.Component is not as good as picture as HDMI. However, they work just as well just not better picture, perse'
2.Component cables will work with any tv be it hd or sd. However, most SD tvs do not have component hookups, DVD players do, so if you have an SD tv hooked up to a DVD player, you can get a picture from it. But i dont think it will look too great having to go through electronics. Stick with Composite (red, white, yellow) cables if hooking up to SDtv
3.What I would do is save my composite cables that came with my PS3 and use it when neccessary on SDtvs, and buy an HDMI cable that hooks up to my HDTV playing needs. That way you are covered. Just make sure your HDTV has an HDMI hookup
If your HDTV is older, it probably doesnt have HDCP (High-Def Digital Content Protection) making HDMI useless to the PS3. But i doubt your HDTV wont have HDCP
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