I just tested this with my Xbox 360. When I use HDMI the picture becomes very digital(grainy), the blacks arent as black, and the colors arent as sharp.
With component everything seems fluid. The picture looks better and overal has more distinct detail. Just thought you should know! Thanks to all that gave the excellent calibration settings!!

Oh I forgot to say I thought the sky was red in the Devil May Cry 4 demo. It was blue. I thought the sunlight coming through the castle windows was red. It was yellow.