component is great for those times when HDMI mysteriously "won't work".
For 480p DVD's, component may look "better" than HDMI, which can look somewhat harsh when upscaled to a higher resolution. It's all up to the viewer, but I like the component output from my Sony upscaling DVD player better than the HDMI. It's not an HDMI fault, it the quality of the upscaler in the Sony unit.