I haven't seen a great difference between HDMI and the component with regards to the Shaw cable box. Basically there is way to much compression on the signals to make the cable type worthwhile.
Component can do 1080 but what typically happens in consumer gear (see BluRay) is because of HDCP not having any affect on the analog signals they limit the RGB out of the players to 720 so a person cannot get a "true" replica of the original content.
Just get the cheap cables at London Drugs or what not. Just don't get the really small/thin ones that you would typically hook up your CD player with. Although 3 feet is nothing to worry about for shielding.
Get and amp that switches video.....Best damn thigs in the world.
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