Having just made the comparison on my own set, I can say that HDMI is better. Period.
The resolution is the same, but the component picture had little noise artifacts, jumpy pixels, things like that. Being analog, it was susceptible to dot crawl on some edges, and color fields were not entirely uniform, all giving just a tiny "fuzziness" to the picture.
The HDMI picture was rock steady and as sharp as a tack.
Component would be more sensitive to cable quality than HDMI, I think, although the reason I did this was trying to track down the cause of frame drops from my cable box. Apparently just handling all the connection fixed it, as the condition was gone by the time I'd switched to analog and back to digital, but yesterday morning I was seeing random frame drops from my cable box to the TV, even in programs recorded on the DVR, and when I rewound a section that showed frame drops, they might not be there any more, or they'd be in different spots. That made it the output of the cable box or the input of the TV, which sent me on my quest through the signal path.
Never found the cause for sure, although it's gone now, but I know for absultely sure that HDMI is more superior to component than I would have expected.