The component issue was likely a setting issue between the tv and the box. You may want to try again after you are sure you have the latest software on it as well.
The res you mentioned is actually what almost all 720p tvs where built to spec wise for many many years.
Do you see any posters populating at least the top four slots of My directv? Even if they are just blank posters? If not you may need to do a rbr or even a guide data flush if you don't have some by tomorrow.