I have an older Mitsubishi HDTV 1080 (probably 1080i). It does not have an HDMI connection. I am currently running a DVD player with component video. Would I notice a considerable improvement if I upgraded to a Blu-ray player with component video?
Yes. But unless you can find an older model or buy a used player, you will not be able to. Blu-ray players with component video are no longer being made. Blame the content owners who succeeded in having them banned.
Incorrect. Please refer to the Analog sunset thread posted above. Questions regarding specific players should be addressed in the appropriate player thread. I believe LG has disabled HD over component.
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Thanks for the links. OP please use the above links to do your research and ask follow up questions about component output from blu ray players. If you need suggestions for br players, please post in the "help me chose a BR player" sticky thread