by 
The Curious Bag
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<h4 class="dechead">On One Hand: They Seem to Solve a Problem
Connecting various devices can be troublesome when you are using all available inputs. You may not have any open component connections on your television, but an HDMI input may still be free. Televisions with only component connections also require conversion from devices with an HDMI output. Either way, one may be inclined to purchase a component-to-HDMI cable to resolve the issue.
On the Other: Analog to Digital Conversion Doesn't Work
The problem with component-to-HDMI cables is that they simply don't work and never will. Component cables are analog while HDMI is purely digital. Component-to-HDMI cables have no way to convert the analog signal to a digital format.
Bottom Line
Component-to-HDMI cables are a waste of money. Devices made to convert component video to HDMI are extremely expensive and do not support copy-protected material. An economic solution is to purchase new components that are compatible or, if there aren't enough available inputs, an inexpensive switch will provide more connections.
Source:
Blue Jeans Cable: Component to HDMI
Joystiq: Component to HDMI cables already exist, already pointless
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