The HD boxes from Oceanic do have component outputs, along with left and right analog audio, as well as digital outputs (coax and optical). Looks like your HD monitor has 2 component input connections. I have the HD SA8300 DVR box. At first, I used the HDMI input and luckily, I did not have any problems. Now, I am using component outputs. My HD display only has 1 HDMI input. I put my dvd player on the HDMI instead.
I never did try OTA, so I cannot comment on that.