HDMI converter
THe convert box sounds interesting, however, in order to take advantage of the "benefits" of HDMI, you will need an HDMI or DVI source to output a digital signal to the HDMI input on your TV. You TV can convert from an analog (component video) signal to digital just as well as that converter box can.
In most cases, the difference in video quality between HDMI and component is negligable. Currently there are lots of problems with HDMI compatibility and none with component. I would hold out a year for HDMI 1.3 when the standard is more mature and devices are tested for compatibility.