Is there a real difference between HDMI and component cables?

I have a Sony Grand Wega LCD rear projector HDTV. I have digital cable installed and am running component cables from the HD-DVR to my television. Would I notice a huge difference if I switched from the component cables to a HDMI cable? I know that YPbPr is for analog signals and YCbCr is for digital signals, but I... show more I have a Sony Grand Wega LCD rear projector HDTV. I have digital cable installed and am running component cables from the HD-DVR to my television. Would I notice a huge difference if I switched from the component cables to a HDMI cable? I know that YPbPr is for analog signals and YCbCr is for digital signals, but I honestly don't know which cables I have.
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