I use component on my plasma, which is only 720p, and HDMI on my LCD which is 1080p. Oddly, the plasma looks much better. Does this make sense or do I just like shinyness?

Hdmi. Less cables the better in my opinion.

Everyone should know that 360 hardware resolution is locked at 1280x720. this obviously isn't 1080p

However 360 has a scaler chip which is great and it upscales everything you put in it to resolution of your choice. PS3 doesn't have scaler hence the resolution jumps up and down depending on software.

So it doesn't matter which cables you use. HDMI, VGA, Component...its all 1280x720 and then upscaled to 1920x1080 by hardware chip. thats if you choose 1080p form the settings and your TV supports it...

I spent like $14 and got HMDI cables for both my PS3 and Xbox 360. My roommate used a standard tv and regular cables though. Neither of us have our Xbox 360 consoles online.

the problem on xbox 360 is if you use hdmi, the console doesnt have seperate audio out.

but if you can get hold of one try the hdmi it deffo clearer

You need to use the oficial xbox 360 HDMI to get separate audio out.

http://www.xbox.com/en-US/hardware/x/xbox360hdmiavcable/

I use the digital one on mine.

Works fine.

HDMI for both PS3 and 360.

HDMI!

You do know that not every TV has HDMI ports right?

For the longest time I only used composite ports until I finally got a TV with HDMI ports. And even then, my 360 didn't always have HDMI so I still used the composite.