I realize the real answer here may be "try it", but getting to the back of my units to re-wire is a pain if it's not going to be well worth it. I am currently connected via S-video. Realistically, would I see any noticeable picture quality increase by using component inputs instead? I use the Xbox for movies also. I'm very new to the whole HT thing so, sorry if this seems to be a silly question.

Thanks.

Yes, unless there is something wrong with your tv or eyes there will be enough of a picture quality difference to give it a shot.