When I first upgraded to HD a couple of years ago, I did a pretty good A-B test between component and HDMI. Obviously it's not a perfect test, because in both cases you have to optimize the settings on your TV for each individual input. That aside, there was not a significant difference between the two. I noticed a little more blocking and jaggies with HDMI around the edges of SD broadcasts, though, so I stuck with component.
To answer your question, yes, component cables will hold up in terms of clarity and color.
I have a 722, with a 42" Samsung plasma set, about two years old.