Yes, the 56TXi can output composite, S, and component signals through one component connection. It may be a feature you have to turn on, check the manual. (A .pdf is available on Pioneer's site if you need it). I'm not sure if its capable of displaying its own OSD through component though. I have mine set up to transcode composite to S-video, and the receiver is hooked up to the TV via S-video. My component sources are connected directly.