It has nothing to do with the PS3. There is a part of the copyright protection structure that exists within both Blu-ray and HD-DVD that is called the Image Contraint Token. When a movie studio decides to enable the token, then output in HD quality is limited to the HDMI output. The component output will still work, but only at 540p resolution (still phenomenal).
If the ICT is not enabled, then full 1080i or 720p video may be output over component connections.
Final specs for the PS3 have not been released, but if they follow the standards of other Blu-ray and HD-DVD players, this is what you should expect - the studios decide.
At this time, I am unaware of a single studio saying that it will definitely enable the ICT.
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