This question gets asked monthly by someone...
Technically, Digital connections (HDMI/DVI) will carry the same signal as your analog component connection. So, 1080i and 720p HDTV can be carried over component. It's the same signal, so it should look the same.
Yet, differences in digital to analog converters, input and output build quality, processing before and after the input/output boards, and internal electronics make it such that it is impossible to know from display to display whether things will look the same or different between component and HDMI/DVI.
A rough guesstimate in my experience from what I have been reading for a few years now:
50%+ of people see no difference between HDMI/DVI and component
45% or so see a very slight improvement by using digital instead of component.
5% or less see a improvement by using component instead of DVI/HDMI.
Unless you need the digital connection for something else, then odds are good that your best image is coming over that connection. If you do need that connection free on your TV, then odds are good that you won't see a quality decrease by using component video cables.