Stu, that is by far my favorite post ever by a mod.
It explodes into a rain of kittens and bunnies.
You are correct, but how well component and HDMI do comparatively on distances over, say, 10 meters is a completely different issue; especially since neither protocol was designed (at least originally) to ever do that. In conventional usage, the arguments here don't apply.
...when you've got a 50 foot component cable the difference is very noticeable and distracting...
I think I would opt for HDMI (which might even need an active repeater) for a long pull, exactly because of the potentials for problems with component that you describe. Component at long distances can suffer from time smear (which unregisters the color similar to a CRT with poor convergence) and reflection (which implies the need for high-quality for such cables, which may not have that problem).
There is also uneven rolloff of the signal, but that can be mostly fixed by increasing the chroma, sharpness, and brightness just slightly at the display.