I have a 35' HDMI cable running through my walls from my Onkyo 805 to my projector and it works great.
As Draug said since it's digital, you'd be able to see the evidence right away if the signal was being degraded significantly; you'll either see sparklies in the picture (bright spots) or a blank screen.
Though really for a 720p projector you'll see no difference between component and HDMI, the only potential degradation would be from the internal stuff the 605 is doing to reroute the HDMI, but since it's converting it from digital to analog I dont' think it would be a big issue. You could try hooking up your PS3 directly via HDMI to the projector and then try it through the receiver and the component cable to compare.
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Uncertainty is an uncomfortable position.
But certainty is an absurd one.
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