I am basically a older newbie that is not sure what my next best step to buy a Blu Ray Player. I have a 55inch Philips HDTV Model 55PP401 vintage 2002, a new Magnavox HD 2160 160 GB DVD Recorder and use a HD DVR cable set top box for my TV source from my cable company(Scientific Atlanta 8300 HD). The Philips TV is a component set up only vs. HDMI. Both the Magnavox recorder and the set top cable box are HDMI capable. My question is should I connect The magnavox directly to the cable box via HDMI and I am wondering about Component to HDMI converters for obtaining the best pictures for Movies and TV recorded programs? I was thinking adding the Panasonic BD 60 Player next.

I am wondering about Component to HDMI converters for obtaining the best pictures for Movies and TV recorded programs?Don't bother. Additional processing/conversion will add nothing but expense and will likely actually deteriorate your image.

It doesn't work that way.

You'll need to connect all of your components to the Philips using component cables. The HDMI port on the HD cable box is only an output, so you won't be able to connect your Magnavox to the cable box.

Just use components until you get a newer TV.

Older....,
I have tried hard to find the specifications of your TV but have been unable to using either Google or Bing. Are you sure that the model number is?

Philips HDTV Model 55PP401