Down Converting to 480p

[thevinenator]

i have a Panasonic BD-30 Bluray player and an older Mitsubishi 65" CRT TV which only has component video inputs (no HDMI).

my current receiver doesn't support HDMI and i'm looking to upgrade. i'm looking a a model that will allow me to use the component video output from the bluray for the video while still allowing me to use the HDMI from the bluray to the receiver for the audio.

when i look at the specs for the BD30, it indicates that if you use the component video outputs, the video "might" be down converted to 480p (based on the disc). i have not noticed this on any discs i've played so far, but then again, i haven't modified the settings on the BD-30 to output HDMI.

question: has anybody tried this and should it work in theory? is the down converting still that facist sword that the studios are holding over our heads, but they have not used yet?

if they do start to implement it, my only choice would be to either trash the TV or find a non-legal (haha) HDMI to component video converter.