Component video is a video signal that has been split into multiple component channels. There are two types of it, RGB analog component video and Luma-based analog component video.

In general, a component video is one that has already been split into two or more component channels. Component video is often referring to analog, so beware.

There are converters that go from HDMI to Composite or Component video with audio.

Yes, the component input will yield a better picture than the s-video

input.

Blue cables designate one of the three wires for a component video cable connection. Along with the Red and Green wires, these three form a component video cable.