Dean asks: What makes HDMI so great?

Dean asks: What makes HDMI so great? - Xbox 360 Fanboy: "Journalist for the Mercury News and all around Xbox guru, Dean Takahashi, recently raised an important question. The question: who really needs HDMI? Of course, Takahashi is referring to the Xbox 360 Elite and its inclusion of an HDMI interface. Who better to answer the question than Kasey Holman, senior director of Corporate Marketing, HDMI Licensing, LLC. She couldn't be biased at all, right? Obvious sarcasm aside, Holman made the following arguments for the greatness of HDMI.

1. HDMI provides the best video quality as there are no loss conversions involved, unlike component. The all digital signal will create sharper pictures without the ghosting or softness found through component. Smaller, high contrast details like text display this most prominently.
2. HDMI provides superior digital audio (it supports up to 8 channels at 192kHz, uncompressed).
   
3. HDMI is the future standard of High Definition content. Within a few years, content producers may activate a usage restraint token that won't allow High Definition playback over unprotected interfaces (i.e. component).
4. Through an HDMI connection, the Xbox 360 will automatically detect the best settings for each television to which it is connected. In other words, users will no longer have to manually adjust resolutions and aspect ratios. These adjustments will be mad automatically according to the TV's specifications.
5. HDMI sends both audio and video through the same cable, eliminating the need for separate cables. Of course, users of optical audio will beg to differ, but it does simplify things like System Link play.

There you have it, 5 reasons HDMI owns component. Anyone out there picking up the Elite solely for HDMI?