It's missing a component cable. Thus it "doesn't have an HD Period" any more or less than most HD receiver boxes.
The real difference between HDMI and component is sound and video being carried through 5 cables or sound and video being carried through one big cable. That and HDCP, which is why Sony went with HDMI in the lesser PS3 in the first place. Yay for crappy copy protection techniques!
Technically the copy protection for DVI/HDMI isn't supposed to be enforced till 2009. If you trust Sony, etc.