I can't see the difference between HDMI and component. Or maybe it's my eyes... or my TV. Kagandahan lang ng HDMI is kasama na ang audio, but if you need to route your audio to your receiver, you need a separate optical cable anyway.
I also mistakenly bought Monster Cable once. I tested it vs. the cheaper Acoustic Research, wala namang diperensya, or baka kailangan high end din yung components at driver.