You can still get an HD picture out of component, but there's the risk that at some point in the future, movie studios might start enforcing the ICT, which is a silly anti-piracy measure limiting output over component to 960x540, basically an EDTV resolution.
No movies using the ICT flag will come out until 2012, if ever.
http://en.wikipedia.org/wiki/Image_Constraint_Token
As Rrekstad said though, if your TV has DVI you can adapt HDMI to DVI without any quality loss.*
*Well, you lose a small amount of colorspace, so you may need to make sure the Blu-ray player you buy works with DVI displays. Search on AVS to make sure.
No movies using the ICT flag will come out until 2012, if ever.
http://en.wikipedia.org/wiki/Image_Constraint_Token
As Rrekstad said though, if your TV has DVI you can adapt HDMI to DVI without any quality loss.*
*Well, you lose a small amount of colorspace, so you may need to make sure the Blu-ray player you buy works with DVI displays. Search on AVS to make sure.