TLY said:
When doing this, is it better to have a long run of HDMI cable or a long run of component cable? Also what is the maximum recommended length of each type of cable?
If you're going to use HDMI up to 50ft then you'll want to get at least 24AWG cable. Generally after 15ft you start to lose some quality on HDMI, and the lower the AWG the less you'll lose. HDMI is also slightly more expensive but through Monoprice.com there isn't much difference. Make sure you buy these cables online or you will be broke.
I think over this distance Component would be better. I've used compoent over 30/40ft and it was ok, i didn't really notice the different.
One question you have to ask yourself is about sound though. Don't forget you are taking the digital sound down your HDMI cable - so with one cable you get everything, with component you will just get stereo through your white/red cables. Which you'll also need to get at the same length. What sort of sound system you using with the other tv?
Beyond 50ft for either I have no idea what the performance would be like. Anyone going beyond 50ft???