I recently connected an Xbox360 to a high definition television and noticed that there was not an option for using component cables. I've often wondered what the deal is with these different connection types; why not go to an industry standard and leave it be?
Well, if you'd like to start a nice argument, talk to your favorite techie and ask the difference between HDMI and Component cables. You'll get an in depth explanation for both, assuredly, but each person will have their own opinion on which is better. People don't realize that, while not infinitely complex, the subject is a bit too broad to simply ask what will work best without regard for individual components and user preferences.
In short, most people won't notice a difference, but if you will then make sure you try both to make an informed decision.