Well, according to the Sony 360 manual, pg. 43, it will send 720p/1080i signals via the component connections. There have been BD players that will downscale to 480 when using component connections.
Are you sure? I'm not aware of any player on the market which does this when playing back Blu-ray Discs.
Not to be confused with DVDs.
DVDs may not be upconverted over component video and people who have bought 'upconverting' DVD players, only to connect them via component video and then complain because the player doesn't upconvert are correct. Blu-ray players, and NO legal DVD player which upconverts will do so over component video connections.
But, every Blu-ray player on the market which I am aware of including Panasonic, PS3, Oppo, Denon, Sony, Samsung, etc. to date follows ATSC required protocols which means they will output up to 1080i video over component as long as the Image Constraint Token (ICT) flag is not raised on the disc itself.
Since, there is not disc on the market yet which has used the ICT, there is no player (that I'm aware of) which has any issues with BD playback over component at up to 1080i.
I would be very interested in hearing about any specific players which do not output HD resolutions over component so can warn people to steer clear from that manufacturer.