You have to consider which products will actually output video on both the HDMI connection as well as the component video connection at the same time, along with (possibly) audio on two separate connections.
Apple TV - will not run video out of component if HDMI is connected.
Wii - Only one connection type at a time, so you will need to split it.
Blu-ray - Typically, only HDMI works OR component - not both at once.
Cable TV/DirecTV - Both HDMI and Component work at the same time.
I will OPENLY say that not running HDMI to both locations is a mistake. I would run HDMI and component to all your displays to ensure compatibility.
I would get a cheap receiver for your second room for audio and video, then I think I would go with a HDMI matrix switcher to handle the switching to two rooms. There is definitely some concern with HDMI matrixing, but this will give you the best results and quality overall if it works properly...
http://www.monoprice.com/products/product.asp?c_id=101&cp_id=10110&cs_id=1011002&p_id=5312&seq=1&format=2
You run all your HDMI to the matrix switch, then it can pick a different source for each display/audio system. Whether HDMI with HDCP will mess it all up is a different story.
I personally use component video for everything because of the headaches involved with HDMI - but I intend to go with a HDMI matrix switcher as soon as they fall to the price point I need them at.