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Ok -think I'm getting this now... If I understand it correctly, it seems that if I choose to go the HDMI route, I don't need to connect the component cables to my Denon??
Connecting anything directly to my TV will be a serious pain the arse as it's in a niche and is almost impossible to get behind it... I'd have to take it down from the niche (a job for two guys), make the connection and put it back up in the nice - I really don't want to go through that....
Given my current configuration, what am I missing out on if I don't go the HDMI route?
That would be correct, no component cables to the Denon.
The ability to upconvert DVD's to 1080p or HDDVD's to 1080p. Minimal video quality improvement using HDMI vs. component.
thats about it.
Given your current setup, I wouldn't change how your connections.