One advantage (IMHO) of HDMI over component is that HDMI also carries audio. In a non-surround sound set up it would be favourable because only a single cable is required for both picture and audio. But that'll only work if your cable box has an HDMI out.

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2011 Sport 4x4 Black

Just try to find out what signal quality you'll be outputing to your tv and make sure the tv is set to display that signal on that specific input, I know certain inputs like HDMI auto detect, but if you forgo that $40.00 cable then I'm not sure that happens with the other inputs.
a lower def signal dispayed at a high def setting on a HD capable tv will look worse than a tube tv.

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08 4.0 Sport 4x4
Stock