Should I get the HDMI cable or the HD component one that has red yellow white plus another two??
HDMI. As its meaning suggests, it's the modern
de facto standard way devices such as gaming consoles and DVD/Blu-ray players connect to HDTVs. It is used to transfer both video and audio signal so it is the only cable you need (apart from the cables which provide your HDTV and your console with electricity, of course).