It really depends. There have been many people say that they prefer the component over HDMI. Mostly this has to do with people saying they like the black levels better on component. I have switched back and forth and I actually have my 622 connected with HDMI/DVI and my 942 connected with component. Both look pretty darn good to me.
I use the HDMI for video and an optical cable into a stereo receiver for audio. I find that the HDMI audio is glitchy, it drops out after I change the channel. I then I have to pull out and reseat the HDMI cable from either in back of the vip211 or the tv to regain sound, thereofre I use the optical cable to the stereo. I already replaced the vip211 once and still have this issue.
The video portion of the HDMI works fine. I find it a bit sharper than component video.