I'm getting mine later this week, will comment then.
With the likes of upscaling dvd players etc, people often found one that worked better with their system than the other. Some displays, tv/projector etc, looked better via component, some via hdmi/dvi. Basically depends on which box does the scaling/conversion better, the source set top box, or the tv itself.
I wouldn't write off component just because it's analogue but generally I guess you'd opt for hdmi first if your tv can support it. Most use the component out of a set top box only if their display doesn't allow HD hdmi/dvi input.