What's wrong with component? You can still get a 1080p signal using that connection. Chances are, however, if your tv is too old to support HDMI it's probably too old to support 1080p anyway.
I would suggest you take back the HDMI cable and get the component AV cable referenced here:
http://www.us.playstation.com/suppor...d/default.html
Available at Futureshop:
http://www.futureshop.ca/catalog/pro...29&catid=24673
http://www.futureshop.ca/catalog/pro...96&catid=24673
Alternatively, you could get a converter to switch your HDMI to component and audio OR DVI and split off the audio though that would probably be more hassle than it's worth.
http://answers.yahoo.com/question/in...5071503AAWRIh3