I'm actually using a component > hdmi adaptor. Very similar to the one posted above, but I got it off ebay for $70. Not impressed at all. I don't want any increase in picture quality, and I don't want increased resolution - I just want it in HDMI. I've got a ceiling-mount projector with HDMI (and hdmi only) run to it through the ceiling. To get component, I'd have to either run it across the outside of the ceiling, or tear up & repair sheetrock - which, since ALL my other components (dish, ps3, cpu, and hd-dvd) have HDMI outputs, I'd be doing that *just* for the wii.
Unfortunately, the converter I have stinks. Everything is too bright, so that near-white and true white are "compressed" to the point that there's no difference. So, for example, the borders on the wii main menu are almost completely invisible.
I've tried just stringing up component cables and it works fine like that, so the converter is introducing the problem.
I'm sure there are better ones, but since they're nearly useless (except in instances like mine), nobody uses them - and therefore, there are no reviews - so I don't know how to figure out if it will suck like my current one, or if it'll actually look good
Oh, and just to top off the suckage, it doesn't seem to support 480i. No big deal since I have it on 480p, but my son accidentally switched it to 480i the other day, and after spending an hour trying to figure out what was wrong, I then had to string up my component cables again to get a picture so I could change it back to 480p. Pretty annoyed with this piece of junk converter .....