Component cables can carry fairly high definition analog images ... they just can't carry any audio at the same time. HDMI cables of course carry both ... for simpler hookups.
Our 58 inch 16:9 widescreen home television does not have HDMI inputs at all. The Blu-Ray DVD player feeding it via component cables provides beautiful high definition images, we just have to run the additional audio cables between the Blu-Ray player and the TV.
Not always is newer better ... sometimes newer is just another way of taking your money again. ;)