Indeed but none of my HD output devices will do component 1080p. Maybe my stuff is too old although two have HDMI and one has DVI. I think my Sony Blu-ray is restricted due to copyright issues, component having the lack of content protection like HDMI's HDCP. Could be WaveBoy has the same issue.
And indeed the PQ on component, I've heard some folks get better results than HDMI in some scenarios.
Again, this would be due to an equipment fault. Because component is analogue, it is possible to have a form of interference called crossover with component video. This is when the waveform of the signal is messed with, from surrounding, often "noisy" signals, be it another cable, background radiation, or anything. You just don't get that with HDMI, and interference there takes different forms visually. With properly functioning equipment though, and a screen that can accept 1080p via component, there is no reason it should not give proper results.