Thanks all for the responses! As is usual... If you ask a question on DBSTalk not only will you get an answer you will probably get a few answers. And if you pay attention you just might learn something along the way.
I will replace the component with HDMI as long as I don't see any abnormal (pink tinting) effects. I realize that I will probably not be able to perceive any picture improvement but it will "feel" better which is just as important sometimes.
One thing I have learned from a similar thread is that I will NOT go out and purchase a Monster HDMI cable.
In my opionion, it is well worth the $6 cost for an HDMI cable if it will make you "feel" better about your installation.