Bruce, HDMI has the one-cable advantage, but doesn't necessarily allow for a better picture than does a three-cable component connection, which is fine.

The chart that Ted linked illustrates the interaction between viewing distance, screen size and resolution. At the 7' distance you mentioned a 37" 720p screen, for example, would just about take full advantage of 720p resolution, but 1080p wouldn't be useful.

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Enjoy the music, not the equipment.