HDMI is superior to component for a few reasosns (the most important being)...
1: It's digital. There is no need for digital to analog, then analog back to digital conversion, which can cause a loss of PQ.
2: It's one cable. With component, you have to run three seperate connections for the video, plus whatever audio you'll be running.
3: With digital, you don't have to worry so much about quality. Since HDMI sends a series of 1s & 0s, all they have to do is get where they're going. Quality is not much of a factor beyond actual defects. With component cables, you will see a lower quality
picture with lower quality cables. Where with HDMI, you should see no difference between a $5, $100 or $1,000 cable, so long as they are all working.
And do not buy Monster. While Monster is by no means a top of the line brand, it is overpriced for what it is (basically a mass market brand that on the surface appears better than cheap, no-name brands). Monster is one of, if not the biggest joke in the
A/V world.