I'll second the above recommendation on the Joytech 240C. I bought one last week (also from Best Buy) for $89.99 after going in there to look for the Pelican product.
I had a similar problem as orestesdd in that my Harmon Kardon AVR75 receiver is so old that it doesn't even have component inputs, only one optical input, and one digital coax input and my TV only has two component inputs and I had run out of capacity, plus I hated having to select different a/v inputs on the various devices just to switch between cable and DVD, for example.
This device killed two birds with one stone, as it were. As you can see from the back panel it has plenty of capacity, and I now only have to press one button on the Joytech 240C's remote to switch both audio and video between devices.
To my untrained, though at least moderately discerning eye I could see no difference between video from my SA 8300HD cable box, or my 480p DVD player connected either through the Joytech 240C or directly to my HDTV.
It looks a lot nicer than the Pelican, and has a hi-fi component footprint. The other thing that I'd add to Elfman's comments is that you can program the 5 character LCD display to match whatever devices you have connected (e.g 1 = Cable, 2 = DVD, 3 = Media, 7 = Front, etc.)