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Actually the PS3 has no problems outputting via component in 1080p, I've had mine setup that way.  However alot of the time Hdmi will come out looking better.  I think what you're thinking of is that Blu-ray movies don't allow this, and instead blu-ray movies only output in '1080i' Which if your tv is 1080p capable will deinterlace it and it will come out almost identical.