I went back to Hhgregg and got a new cable. Tried it. Still failed. The problem is the component port on the TV. I have my TV packed up and heading back to the store for an exchange. BTW. It was an H301 panel (July build). I have no other issues with it (no clouding or flashing or bleeding), disappointed that I have to return it. Maybe I will get lucky on the next TV.
UPDATE: I'm completely confused, but happy. Took the TV back to HHgregg. They tested the Component input and had no problems. None. They even let me play with it in their store trying different source inputs and cable. No problem at all. So I agreed to take it back home and try it again. At home, I had no problem either. (even though I had problems with the component input for 3 days before). All component connections worked perfectly now. I'm baffled, but happy that everything is working now. I'm going to test the heck out of it before my 30 days is up just to be sure.