HDMI (or DVI) will give you much better image quality because it's digital. Component is analog and it won't be as sharp, pure and defined and may require more expensive cables as analog signal is more prone to interference, noise and level loss plus there is conversion required to go from digital to analog and that in itself causes degradation.

I'd go with HDMI, period. Also, with the HDCP protection crap you may not be able to get full 1080p through analog. I didn't follow this development lately so I'm not sure where it's going to end up, but go digital.

Adam