YOU DO NOT GET 1080P WITH COMPONENT, ONLY HDMI

WRONG! 360 DOESN"T DO TRUE 1080P! IT UPSCALES EVERYTHING TO 1080P! SO COMPONENT WORKS THE SAME AS HDMI!

I let your first comment pass, whatever, but now you're just trolling.  Stop it.  If you want to argue it, message me or another mod, but please don't continue it here.

HDMI for PS3

Component for 360 (I got a launch model so i can't have HDMI.)

WRONG, THAT IS WHAT YOU THINK, YOU DONT GET TRUE RES, LIKE THE DVD PLAYERS YOU BUY THAT SAY IT UPSCALES TO 1080P , ITS CRAP, LOOK AT THAT VS A BLURAY DISC WHICH RUNS AT TRUE 1080P, NO CONTEST, THATS WHY 360 IS GETTING RID OF HDMI ON ELITE , WHICH I READ ONLINE. SORRY I HAVE BOTH 360 AND PS3, ON 360 YOU SWITCH FROM 720 TO 1080P, YOU SEE NO DIFFERENCE, DO THAT ON THE PS3 ITS HUGH.

Actually some TVs support 1080p via component and some don't. But purely per cable specifications you can get 1080p with component.

People shouldn't have a reason to use composite though, if their research is true then it's purely because by including composite cables by default uninformed people never try anything else. Fancy inputs or not you must have a really old tv (and by that I mean truly old) to not have at least S-Video, and later on component.
Unless you're in Europe and have an old TV, then you'd have scart (which sucks compared to component but due to being drool-proof stayed really strong in Europe for ages).

As for me I'm using HDMI on the PS3, HDMI from my computer and component on xbox360, ps2 and Wii. Used to have PS3 on component too, but it doesn't upscale ps2 games with it. Would have the xbox with HDMI but there are no more HDMI inputs on the tv and I already had a component switcher (and I nicked the component that came with my brother's elite).

This. Mine was still expensive though

DVI for my PS3 btw.

The elite is just dropping the HDMI cable not the actual output.  Stop trying to twist stuff around to make things appear worse than they are.....

hdmi with both ps3 and 360

but honestly they are the same thing, hdmi and component.

The 360 DOES do full 1080p. FIFA Street 3 is one such game that renders in 1080p without the need to be upscaled. It will also play native 1080p video too. Component does not work the same as HDMI, because you can't upscale DVDs to 1080p with component.