<font color='#000000'>This is a loaded question, as there are a number of factors that can degrade a component video signal, especially when installing to an AV Receiver. We are currently working on articles about cables and will discuss these issues in more detail soon.
In general, the fewer cables you use, the less loss throughout the system there will be. Now this doesn't mean there will be a significant/noticeable loss if you go through your Receiver to your TV. For starters, depending on the Receiver, there may be some circuitry within it to help boost the signal again, as it passes through. Also, cable lenght and cable quality plays a role, as does the type or RCA at the end of the cables and on your video/AV hardware.
For now, the best thing to do is connect it both ways and try a comparison. Make sure it is dark so you can see fine details within the video. Select a DVD (like Lord of the Rings, and a specific scene that shows an inanimate objects (such as rocks or fences or bricks on a house) when the camera moves. Pay close attention to the details within those objects, such as cracks, paint textures and so forth. If the signal is degrading one way or the other, it should be somewhat visible by looking at those minor details. If not, then don’t sweat it and connect it anyway that works for your system.
I have a 57” Wide Screen Rear Projector that has been calibrated to ISF and it is possible to see minor changes in detail when changing component video cables or adding additional cables and passing through a A/V Receiver. If you are using a smaller TV that has the color turned way up (as most TVs are out of the box), it may not be noticeable. So in part, it is set-up and equipment dependant.</font>