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Between Component Cables and HDMI, you're not losing any picture quality what-so-ever. The primary difference is really just the 5 cables versus 1 cable, and the 24-point sound given with the HDMI. Truth be told though, the human ear can't really hear the difference between the audio through the red and white cables and the audio built into the HDMI.
I hope this answers your question to your satisfaction.
Sling Media Moderation Team