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If your TV and its decoder support it, why not use Component for that, since broadcasts are 720p and 1080i only. Give priority to the PS3 if you only have 1 HDMI and don't want to switch.

 

EDIT: http://www.cecompass.com/index.asp?PageAction=VIEWCATS&Category=8&gclid=CO6slfeC2ZMCFReOggodpjNmZQ

HDMI switches( 35$) sre much cheaper than component switches (over 100$)